In the evolving landscape of employee benefits, HR professionals are increasingly recognizing the importance of supporting their workforce in managing student debt. With the resumption of federal student loan payments last year, the nearing end of the federal on-ramp, and the introduction of innovative matching programs, there’s a pressing need for HR teams to stay informed and proactive. Here’s a closer look at the current state of student loan benefits and how HR can effectively implement these programs to enhance financial wellness in the workplace.
Understanding the Impact of Student Loan Debt
Student loan debt remains a significant burden for millions of Americans, with many employees seeking positions that offer not just a paycheck, but also help in managing this debt. Recent surveys, such as the Employee Benefit Research Institute’s 2022 Financial Wellbeing Survey , indicate that nearly three-quarters of employers are now offering or planning to offer student loan debt assistance or tuition reimbursement programs. This shift underscores the growing recognition that student loan benefits offer significant value — not just for workers but also employers. SoFi at Work’s 2024 Future of Workplace Financial Well-Being study found that employees spend a full 8.2 hours dealing with finances every week while at work.
Analyzing the currently available data from the Department of Education (ED), we found that while total loan forgiveness approved by the Biden-Harris Administration has jumped to $167 billion for 4.75 million borrowers , that still leaves roughly $1.73 trillion in student debt outstanding for 43.2 million borrowers. This means that there are still a significant number of individuals in the workforce and about to enter the workforce who will still be working on paying down their student debt.
This will be particularly felt in a few key talent segments. Older borrowers represent an increasing proportion of borrowers who carry federal student debts, both in terms of the number of borrowers and the amount they owe (14% of borrowers are aged 50-61 and have federal student debt with an average balance of $44.2K). Additionally, among borrowers under 40, first-generation borrowers are about three times more likely to be behind on their payments than borrowers whose parents also attended college.
HR professionals should also be aware of the upcoming end of the federal student loan “on-ramp” period and the grace period for 2024 graduates. Specific to this year, as federal student loan repayments resumed, the ED introduced a temporary “on-ramp” period until September 30, 2024. During this time, borrowers who fail to make payments do not face default. The program was aimed to assist borrowers who might find it challenging to resume payments after the pause of almost four years.
Shortly after the on-ramp ends, most of the graduating class of 2024 (those who tossed their caps in April, May, and June this year) will experience the end of the standard federal loan grace period. Most federal student loan types have a six-month grace period after graduation, leaving school, or dropping below half-time enrollment. This means these employees will likely start their repayment journeys in September, October, and November.
It is shaping up to be a busy Open Enrollment season!
Recommended: Helping Employees Make Smart Student Debt Decisions: The Urgent Need for HR Support
Legislative Enhancements: The CARES Act and Secure 2.0 Act
The introduction of the CARES Act and the subsequent Secure 2.0 Act has provided HR teams with new tools to support their employees. Under the CARES Act, employers can contribute up to $5,250 annually per employee towards student loans on a tax-exempt basis through 2025. By enhancing Section 127 benefits, this provision not only aids employees but also offers payroll tax exclusions for employers, making it a mutually beneficial arrangement.
Further expanding the horizon, the Secure 2.0 Act, effective from January 2024, introduces the option for employers to match their employees’ student loan payments with contributions to their retirement accounts. Companies like Chipotle and Kimley-Horn have already adopted this innovative approach, allowing employees to address their student debt while enhancing their retirement savings, presenting a win-win scenario for financial wellness.
Recommended: How Does an HR Team Implement a Student Loan Matching or Direct Repayment Benefit?
Implementing Student Loan Repayment Benefits
For HR professionals looking to implement or enhance student loan repayment benefits, several key considerations must be addressed:
Direct Educational Assistance Benefits (Section 127 Provisions)
• Determine the contribution level. While the maximum tax-exempt direct contribution stands at $5,250, companies can start with smaller amounts, such as $25 to $100 per month, which can still significantly reduce the interest burden for employees.
• Consider tenure and eligibility. Some companies may tie these benefits to tenure, requiring a certain period of employment before employees can qualify, which can aid in retention.
• Ensure compliance. While there are still several open questions for the IRS to clarify, it’s crucial to have a program document that complies with IRS regulations and coordinates with any other educational assistance programs offered by the employer.
Recommended: Understanding Educational Assistance Programs: A Comprehensive FAQ
• Understand the timeline for qualified student loan payments. When setting up a qualified student loan match, plan advisers and sponsors must be clear on the timing of when these payments may be reported. This is crucial because the timeline for these matching contributions differs from that of a traditional 401(k) deferral match. Understanding and communicating these timelines can ensure smooth implementation and compliance.
• Don’t exceed matching fund limits. When it comes to the level of matching funds that are available, it’s important to note that contributions that exceed the 402(g) limit, which is the maximum amount of money employees may defer to their 401(k) plan each year, may not be matched. For 2024, this limit is set at $23,000. The traditional 401(k) rule for matching, which allows matching only up to this limit, remains in effect. This ensures that the matching contributions are made within the legal financial thresholds.
By carefully considering these aspects, HR professionals can effectively implement student loan repayment benefits that help employees manage their debt and align with regulatory requirements and fiscal prudence.
The Role of HR in Facilitating Smart Debt Management Without a Formal Program
Beyond implementing direct financial benefits, HR can be pivotal in educating and supporting employees in managing their student debt. If your organization is not yet ready to implement Direct Educational Assistance Benefits or Qualified Student Loan Payment Matching programs, consider starting with providing resources like the SoFi at Work’s Navigating Your Student Debt Workbook and organizing workshops on student loan management. Both offerings can empower employees to make informed decisions about their repayment options.
In addition, the SoFi at Work Guide to the Restart of Federal Student Loan Repayments was developed explicitly to help borrowers reestablish their financial footing after the federal loan pause. This relevant guide provides essential information on smoothly transitioning back into making repayments. Additionally, it includes valuable resources and advice on budgeting, saving, and enhancing financial health overall.
Recommended: The Student Loan Crisis and Its Impact on Borrowers
The Takeaway
As we navigate a landscape where student loan debt remains a critical issue for many workers, the role of HR in facilitating debt management and financial wellness is more important than ever. By leveraging legislative tools and providing educational support, HR professionals can significantly impact their employees’ financial health and, by extension, their overall job satisfaction and loyalty. This proactive approach not only enhances the company’s appeal to top talent but also fosters a supportive workplace culture that recognizes and addresses the real-world challenges its team members face.
Photo credit: iStock/ArLawKa AungTun
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IMARC Group has recently released a new research study titled “In Vitro Diagnostics Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032”, offers a detailed analysis of the market drivers, segmentation, growth opportunities, trends, and competitive landscape to understand the current and future market scenarios.
The global home decor market size reached US$ 749.0 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 1,087.5 Billion by 2032, exhibiting a growth rate (CAGR) of 4.1% during 2024-2032. The market is experiencing stable growth driven by the increasing focus on health and wellness, rising preferences for personalized and aesthetically pleasing interior designs, and integration of smart technology in decor products to provide enhanced experiences to individuals.
Global Home Decor Market Trends:
The rising influence of current fashion and design trends in home decor is positively impacting the market growth. Along with this, the burgeoning integration of augmented reality (AR) and virtual reality (VR) in the shopping process to enhance the shopping experience by allowing consumers to visualize products in their own spaces before purchase is acting as a growth-inducing factor. Apart from this, the increasing awareness of wellness, boosting the use of biophilic design principles that integrate natural elements into indoor spaces to enhance mental and emotional well-being, is creating a positive outlook for the market growth.
Request to Get the Sample Report: https://www.imarcgroup.com/home-decorative-materials-market/requestsample
Factors Affecting the Growth of the Home Decor Industry:
Changing Consumer Lifestyle and Preferences:
The changing consumer lifestyle as societal norms, economic conditions, and cultural shifts evolve, is one of the major factors boosting the market growth. Moreover, the rising adoption of remote work and flexible schedules, leading to increased demand for home office setups and ergonomic furniture is acting as a growth-inducing factor. Additionally, the growing preference for functional and aesthetically pleasing decor solutions that complement the home workspaces is fueling the market growth. Furthermore, the rising urbanization and compact living spaces, boosting the demand for multifunctional and space-saving furniture and decor, is contributing to the market growth.
Rapid Technological Advancements:
The rapid technological advancements and innovation that drive continuous evolution, thereby influencing product design, manufacturing processes, distribution channels, and consumer experiences, is enhancing the market growth. in line with this, the burgeoning integration of the Internet of Things (IoT) devices and smart home systems that revolutionize the way consumers interact with their living spaces, is propelling the market growth. Smart lighting systems, automated window treatments, and voice-controlled assistants enhance convenience and functionality while contributing to energy efficiency and environmental sustainability. Furthermore, the rising advancements in manufacturing technologies such as three-dimensional (3D) printing and automated production processes that enable greater design flexibility and customization in home decor products, is catalyzing the market growth.
Growing Focus on Environmental Sustainability and Ethical Consumerism:
The increasing awareness of environmental issues, coupled with a growing preference for ethically sourced and sustainable products, is positively impacting the market growth. in line with this, the heightened mindfulness among consumers of the environmental impact of their purchases, prompting them to seek home decor products made from renewable resources, recycled materials, and non-toxic substances, is acting as a growth-inducing factor. Moreover, the rising adoption of ethical sourcing and fair-trade practices as these have become important considerations for consumers when choosing home decor items, is promoting the market growth. Furthermore, the rising preference among consumers who are looking for home decor items that are durable, repairable, and recyclable at the end of their use, is providing a thrust to the market growth.
Key Companies:
Ashley Furniture Industries Inc. Duresta Upholstery Ltd. Forbo Holding AG Hanssem Co. Ltd. Herman Miller Inc. Inter IKEA Systems B.V. Kimball International Inc. (HNI Corporation) Koninklijke Philips N.V. Mannington Mills Inc. Mohawk Industries Inc. Samson Holding Ltd. Shaw Industries Group Inc. (Berkshire Hathaway Inc.) Sophia Home Springs Window Fashions Suofeiya Home Collection Co. Ltd.
Home Decor Market Report Segmentation:
By Product Type:
Home Furniture Home Textiles Flooring Wall Decor Lighting Others
Home furniture represents the largest segment by product type due to the increasing demand for functional and stylish furniture pieces that cater to diverse consumer preferences and lifestyles.
By Distribution Channel:
Home Decor Stores Supermarkets and Hypermarkets Online Store Gift Shops Others
Home decor stores account for the majority of the market share because they offer a wide range of curated decor items, personalized shopping experiences, and expert advice.
Regional Insights:
North America Europe Asia Pacific Middle East and Africa Latin America
North America leads the market owing to factors such as high disposable income levels, a strong housing market, and a culture that values interior design and home improvement.
Speak to An Analyst: https://www.imarcgroup.com/request?type=report&id=1122&flag=C
Key Highlights of the Report:
Market Performance (2018-2023) Market Outlook (2024-2032) Market Trends Market Drivers and Success Factors Impact of COVID-19 Value Chain Analysis Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
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Home design trends in any year contradict themselves. For 2023, designers said it was the year of organic materials and muted greens, while other designers were painting walls black for dark academia bedrooms—complete with crows. Trends come and go, but we can use them to inspire ourselves and create our idea of a happy place. No matter how different we all may be, there’s a design trend for each of us—even if it includes crows.
When home decorating, the goal is to find colors and elements that you like and that support the look you want to achieve, and then give them a try. The trick comes in finding a way to try 2024 trends without making major changes that you’re not ready to live with for the long haul. From the many, many trend lists we’ve looked at this year, we’ve chosen styles and elements that run the gamut from bold to understated, and modern to traditional. Whether you’re a moody crow lover or a modern farmhouse diehard, you’ll find something in this year’s trends to up-level your look.
1. Quiet Luxury
Designer: ANA Interiors. Photographer: Ana Cummings
If you’ve scrolled your feeds looking for home design ideas recently, you’ve seen #quietluxury trending. This understated approach to posh emphasizes quality and craftsmanship over flash and bling. Paring down decor, keeping clutter at a minimum, confining colors to muted neutrals, and adding quiet luxury ingredients are meant to inspire calm. The centerpiece of a quiet luxury living space is the cloud couch, a white sofa with a puffy seat and back pillows stuffed with goose down.
“Quiet luxury is here to stay,” says Morgan Olsen, Thumbtack’s home and design expert. “Homeowners are done with loud luxury trendy pieces and are being very intentional with their spending. 2024 will be about craftsmanship over big brands and labels, as homeowners look for reclaimed materials and quality furniture.”
That means buying pieces that last decades rather than the 3 or 4 years of mass-produced furniture. “But who said you have to get the cloud couch?” asks Olsen. Instead, find secondhand furniture by quality makers and reupholster it. Or pare down your wall art and knickknacks, then add goose-down throw pillows and a luxurious throw like this State Cashmere Striped Throw Blanket to your existing neutral sofa.
2. Healthy Habits
Designer: Kelley Design Group.
Builder: CKN Capital Group.
Photographer: Cate Black Photography
Bringing wellness closer to home is no longer a luxury but an essential for many people, especially for exercise and spa experiences. “Homeowners will continue to turn their homes into wellness retreats, prioritizing features that have health benefits,” says Olsen.
According to the 2024 Houzz U.S. Emerging Summer Trends Report, with cold plunge pool, indoor sauna, and backyard sauna all rising in search frequency in the first quarter of the year, compared with Q1 2023. At-home exercise has evolved from a stationary bicycle, with searches for bocce court, bowling alley, and game room all higher than last year. Mentions of pickleball courts on Zillow are up 64 percent over last year. People are looking for homes with private courts and nearby public courts. Pickleball in the driveway, anyone?
In addition to saunas, Amanda Pendleton, Zillow home trends expert, lists spa bathrooms and red-light therapy rooms among the features home buyers are using to complement wellness routines. While replacing a bathtub with a walk-in spa shower is a trend for remodeling projects, you can spend far less and create a spa bath at home with simple switches. Create a relaxing atmosphere by focusing on all five senses. Replace the counter clutter with a flower arrangement or basket of fluffy towels. Choose soft textures in muted colors and a comfy bath pillow, like this Luxurious Cork Bath Pillow by LIVTUUshop at Etsy. Add the soothing scent of essential oils and a source of meditative sound. Don’t forget a glass of cucumber water.
3. Hidden Spaces
Courtesy of Ruhl | Jahnes Architects.
Photographer: Nat Rea
Nothing beats a cozy reading nook, according to the 2024 Houzz U.S. Emerging Summer Trends Report. Searches for library walls, reading corners, and book nooks have all gone up this year. Secret spaces have long been a favorite for people who enjoy a bit of whimsy at home, along with out-of-sight storage. The Houzz Emerging Winter Trends Report, released at the end of 2023, shows that cloaked additions are gaining popularity. Searches for trapdoors are up by 350 percent, and searches for kitchens with hidden pantries rose by 250 percent. Say goodbye to the wet bar in the living room and hello to a secret speakeasy bar and lounge, or a wine bar and cellar under the stairs, both searched more often in 2023.
If you’re not ready to tear down any walls or excavate the closet under the stairs, create nooks and hidden spaces with a few easy changes. Give more privacy to a window seat by hanging curtains outside the front of the seat rather than against the window. Hide the entrance to a closet with this Door Mural of Antique Bookshelves by Recallart at Etsy. In the kitchen, create a secret pantry by adding vertical wood panels on and around the pantry door. For renters, this Abyssaly Wood Slat Peel-and-Stick Wallpaper at Amazon is removable; homeowners who want a more permanent solution without the hassle of cutting wood can try the Set of 4 PVC Wall Paneling pieces at Wayfair that mount with adhesive.
4. Blues and Greens
Courtesy of Brittany Lyons Interiors.
Photographer: Mike Healey Photography
Green is the most popular color this year for home design. No, wait, it’s blue. Blue is the most popular color this year for interiors. Designers differ on this one, but most agree that shades of blue and green are taking center stage in the home. Mitchell Parker, senior editor at Houzz, says blue provides a calming influence.
Sage and gray-green also are on the rise, according to the Houzz winter report. A barely-there sage functions as a neutral on kitchen cabinets, and a darker gray-green provides contrast to warm neutrals. In true blue fashion, however, several paint companies have chosen a shade of blue as their 2024 color of the year.
Add contrast to neutral furniture and flooring with blue or green items you already own, gathering throw pillows and blankets, table runners, vases, decorative containers, and framed prints from other rooms. Add a blue or green ribbon trim to curtains or the base of a fabric sofa without a sewing machine by using HeatnBond Hem Iron-On Adhesive at Amazon; seal the trim with a flat iron (used for hair styling) in places you can’t fit onto an ironing board. For a classic look, we like this M&J Trimming Greek Key Fabric Ribbon in denim blue and sage options.
5. The Return of Creams
Courtesy of kate roos design.
Photography: Andrea Rugg Photography Andrea Rugg Photography
While many new homes are still coated in gray from floor to ceiling, the trend is moving away from this cool palette and back to warmer colors like cream, tan, and brown. Stark white walls are too harsh for this year’s earthy color schemes. Parker says beiges, creamy off-whites, and rich browns are the focus for a warm, welcoming space.
If you like the look of an all-neutral, off-white room, add textures and patterns, as well as a variety of tones, to create a more layered look, says Parker. The Graham Leather/Suede Lumbar Rectangular Pillow Cover and Insert at Wayfair has a removable cover to swap for a machine-washable option when needed. Swapping accessories has a big impact, especially if you clear the clutter first. We like this Handmade Wood Table Vase, an organic take on the popular ceramic styles, and the Magalia Wood Tray that brings both functionality and latticework texture.
6. Whole Wall Art
Photo: iStock
If you want an abundance of colorful expression in your home design, those cream walls act as a blank canvas perfect for art and pattern. Bold floral wallpaper or a hand-painted mural are both big this year. Zillow’s 2024 home trend report shows that many homeowners are into eclectic, maximalist interiors. Murals in homes for sale are showing up 18 percent more often than last year. The good news is you can learn how to paint a mural even if you’re not an artist, with a bit of painter’s tape and imagination.
Wallpaper also comes in mural patterns, including the peel-and-stick variety beloved by renters and frequent redecorators everywhere. Modern botanicals, landscape vistas, and stripes are trending patterns this year. Guest baths are often the place to start, since the design will make a big impact in a small space without costing a lot of time or money. Murals like this Chinoiserie Watercolor Peacock Wallpaper by FabbWallDecor, can be subtle while bringing interest to a neutral palette. Or make a big impact with this Removable Abstract Wall Art Wallpaper by ONDECORstore, both at Etsy.
7. Handmade Touches
Photo: Zillow
This year, embrace handmade pieces that show the inevitable imperfections of craft. Artisans are impacting today’s trends with handmade tiles, hand-thrown serving dishes, and hand-painted murals. Pendleton points to Murano glass chandeliers as an example of the handmade and bespoke features popping up in today’s homes. The colorful light fixtures are featured 58 percent more often in searches on Zillow, despite the sometimes hefty price tag. If this Ares Murano Glass Chandelier at $1,675 is out of budget, support an Etsy artist with this Handmade Dusty Pink Peony Pendant by FloralsBySERRO.
Handmade items make your home unique and add a personalized touch to any room. The 2023 Houzz U.S. Bathroom Trends report showed that 62 percent of renovating homeowners are choosing a custom or semi-custom vanity. Repurpose a piece of vintage furniture and make your own vanity, or add painted details to an existing model.
8. Brutalism
Photo: Zillow
Even if industrial design isn’t your style, the return of brutalism can be a welcome change in today’s homes. Brutalist design uses materials like raw concrete, brick, steel, and bronze. You’ll see organic shapes with raw edges and unpolished surfaces, as well as a streamlined design for functionality. Pendleton says Zillow has seen a 452 percent increase in the number of homes for sale that mention brutalist design.
“The return of brutalism is the most surprising rising trend of 2024, particularly after the hygge movement where homeowners embraced cozy comfort over hard surfaces,” she says. “The hallmarks of brutalist design—raw, organic, and unfinished materials—are already showing up in furnishings, lighting, and accessories. When juxtaposed with overstuffed sofas, curved armchairs, and plush high-pile rugs, brutalist architectural elements can add visual interest and much-needed contrast to a space,” says Pendleton.
Some trends stick around for years. Most people are hanging onto their outdoor kitchens and fire pits. Others come and go, like inflatable furniture. No one is missing that squeaky stuff. As interior design trends have bent back toward the traditional and eclectic, designers are emphasizing a focus on timeless style that doesn’t look dated from year to year.
Parker says modern homes are showing brick, clay tiles, rustic wood, and other materials that signify a legacy rather than a fad. To get a timeless look that works for your space, create meaning through your belongings. A quality collection of original artwork from your travels will never go out of style, nor will vintage area rugs. Antiques are a good bet too because they add contrast to modern accessories.
White bedding, pleated curtains, and anything with stripes serve as foundational textiles you can build upon as trends change. Truly timeless style is about quality and meaning, so make space in your home for what matters most.
The capital city of North Carolina, Raleigh, has a lot to offer residents. If you’re looking to rent an apartment in Raleigh, the average rent for a one-bedroom apartment is $1,384. If you’re curious about Raleigh’s most expensive neighborhoods, then you’re in the right place. ApartmentGuide has gathered a list of the top neighborhoods to rent an apartment in this year, including the luxurious Brier Creek Country Club and the picturesque Cameron Village. Read on to find out what areas made the list.
13 Most Expensive Neighborhoods in Raleigh
From the lush greenery of Oberlin Village to the galleries of Moore Square, there are plenty of exciting neighborhoods in Raleigh. Whether you’re looking for a luxurious home to rent in Raleigh or wondering where to live in the city, we’ve got you covered.
1. Oberlin Village 2. Fayetteville Street District 3. Hedingham 4. Brier Creek Country Club 5. Cameron Village 6. University Park 7. Wade 8. Glenwood 9. Warehouse District 10. Wilmont 11. Downtown Raleigh 12. Central Raleigh 13. Moore Square
Let’s jump in and see what these neighborhoods have to offer.
1. Oberlin Village
Average 1-bedroom rent: $2,255 Apartments for rent in Oberlin Village
Oberlin Village is the most expensive neighborhood in Raleigh, as the average rent for a one-bedroom unit is $2,255. This unique and historically rich neighborhood is characterized by its charming mix of well-preserved historic homes and modern developments. The area stands out with its beautiful tree-lined streets and a strong sense of community, evident in landmarks like the historic Oberlin Cemetery and the restored Oberlin Baptist Church. Residents enjoy easy access to attractions such as Jaycee Park, which offers playgrounds, sports fields, and a community center, fostering an active and connected lifestyle. The vibrant arts scene is highlighted by local galleries and events at the nearby Cameron Village, providing cultural enrichment. Getting around Oberlin Village is convenient, with bike-friendly streets and proximity to the Raleigh Greenway trails, encouraging outdoor activities and sustainable transportation. Additionally, the neighborhood’s location near Hillsborough Street and the NC State University campus adds a youthful and dynamic atmosphere, making Oberlin Village a distinctive and appealing place to live.
2. Fayetteville Street District
Average 1-bedroom rent: $2,100 Apartments for rent in Fayetteville Street District
The Fayetteville Street District in Raleigh stands out as the city’s vibrant core, known for its blend of historic and contemporary architecture lining the iconic, tree-shaded Fayetteville Street. The neighborhood is a hub of activity, featuring landmarks like the Martin Marietta Center for the Performing Arts and the North Carolina State Capitol, which attract residents and visitors alike. Cultural attractions such as Artspace, a thriving visual arts center housed in a historic building, and the Raleigh City Museum enrich the local cultural scene. The area’s bustling atmosphere is complemented by a variety of locally-owned restaurants and cafes, such as Beasley’s Chicken + Honey, offering residents unique dining experiences. Getting around is easy, with the GoRaleigh bus system providing extensive routes and the walkable nature of the district encouraging pedestrian exploration. Events like the annual Hopscotch Music Festival and Downtown Raleigh Food Truck Rodeo make the Fayetteville Street District a lively and engaging neighborhood, distinct in its combination of history, culture, and urban energy.
3. Hedingham
Average 1-bedroom rent: $2,091 Apartments for rent in Hedingham
With an average one-bedroom rent of $2,091, Hedingham is the third most expensive neighborhood in Raleigh. The neighborhood is distinguished by its scenic golf course and resort-like amenities. The area features beautifully landscaped streets and homes nestled around the Hedingham Golf Club, offering residents picturesque views and a luxurious living experience. Attractions such as the Neuse River Greenway Trail provide ample opportunities for outdoor activities like biking, hiking, and kayaking, promoting an active lifestyle. Residents also enjoy access to the community’s fitness center, swimming pools, and tennis courts, fostering a sense of community and wellness. Getting around Hedingham is convenient with well-maintained roads and close proximity to major highways like I-540, ensuring easy commutes to other parts of Raleigh.
4. Brier Creek Country Club
Average 1-bedroom rent: $2,071 Apartments for rent in Brier Creek Country Club
Brier Creek Country Club is the next most expensive neighborhood in Raleigh. The neighborhood stands out for its luxurious amenities and meticulously designed landscape, centered around the prestigious Brier Creek Country Club golf course. This exclusive community features elegant homes with beautiful architectural details, surrounded by lush greenery and scenic views. Residents enjoy top-tier amenities, including a grand clubhouse, fine dining at The Grille Room, and a state-of-the-art fitness center. The neighborhood also boasts extensive recreational facilities such as tennis courts, swimming pools, and walking trails, catering to a range of active lifestyles. Conveniently located near Raleigh-Durham International Airport and major highways like I-540 and US-70, Brier Creek offers easy access to the broader Triangle area.
5. Cameron Village
Average 1-bedroom rent: $2,050 Apartments for rent in Cameron Village
Cameron Village in Raleigh is renowned for its vibrant mix of historic charm and modern amenities, creating a unique living experience. The neighborhood is home to the iconic Village District Shopping Center, a local favorite offering a variety of boutique shops, upscale dining options, and community events. Architectural diversity is evident, with beautifully preserved mid-century homes alongside contemporary apartments, providing a range of housing styles. The nearby Fletcher Park, with its lush gardens, walking trails, and playgrounds, offers residents a serene green space for relaxation and recreation. Public transportation is easily accessible, with several bus routes connecting Cameron Village to downtown Raleigh and other key areas.
6. University Park
Average 1-bedroom rent: $1,976 Apartments for rent in University Park
Next up is University Park, the sixth most expensive neighborhood in Raleigh. Located near North Carolina State University, the area buzzes with academic energy and offers residents a mix of collegiate events and cultural activities. The neighborhood’s centerpiece, Pullen Park, features a historic carousel, train rides, and beautiful gardens, making it a favorite spot for families and outdoor enthusiasts. University Park is also home to the vibrant Hillsborough Street corridor, where unique eateries like Irregardless Café and local coffee shops like Jubala Coffee attract both residents and visitors. The neighborhood’s walkability and bike-friendly streets, along with convenient access to public transit options like the Wolfline and GoRaleigh buses, make getting around easy.
7. Wade
Average 1-bedroom rent: $1,950 Apartments for rent in Wade
The Wade neighborhood in Raleigh stands out for its blend of historic charm and modern conveniences. Known for its beautiful tree-lined streets and well-preserved early 20th-century homes, Wade offers a picturesque setting that is unique to Raleigh. Residents enjoy easy access to the nearby Pullen Park, one of the oldest amusement parks in the U.S., featuring a historic carousel, playgrounds, and boating. The neighborhood is also close to the North Carolina Museum of Art, which offers extensive galleries and outdoor trails filled with sculptures. Local eateries like Neuse River Brewing offer residents craft beers and gourmet dining in a cozy setting. Wade’s central location ensures convenient transportation options, with easy access to major roads and public transit, making commutes to downtown Raleigh and other areas seamless.
8. Glenwood
Average 1-bedroom rent: $1,929 Apartments for rent in Glenwood
Glenwood takes the eighth spot on our list of most expensive neighborhoods in Raleigh. It is renowned for the bustling Glenwood Avenue, which is lined with an array of independent shops, art galleries, and locally-owned restaurants like Layered Criossanterie known for its breakfast dishes. The neighborhood’s rich history is evident in its well-preserved early 20th-century homes, adding a unique architectural character to the area. Residents enjoy the nearby Fred Fletcher Park, offering lush green spaces, walking trails, and sports facilities for outdoor activities. The Glenwood South nightlife district adds to the appeal, with venues such as C. Grace, a speakeasy-style jazz club, providing entertainment options. Convenient public transportation and pedestrian-friendly streets make it easy for residents to navigate the neighborhood and connect with the broader Raleigh community.
9. Warehouse District
Average 1-bedroom rent: $1,752 Apartments for rent in Warehouse District
The Warehouse District in Raleigh stands out for its dynamic blend of historic industrial buildings and contemporary urban culture. This neighborhood is a hub for creativity, featuring unique attractions like CAM Raleigh, a contemporary art museum housed in a converted warehouse, and Videri Chocolate Factory, where visitors can tour the artisanal chocolate-making process. The area is dotted with innovative eateries such as Morgan Street Food Hall, which offers a variety of local food vendors in a lively, communal setting. Nightlife thrives here, with venues like The Pour House Music Hall & Record Shop providing a space for live music and local bands. Getting around is easy with the R-Line, a free downtown circulator bus that connects the Warehouse District to other key areas of Raleigh.
10. Wilmont
Average 1-bedroom rent: $1,750 Apartments for rent in Wilmont
The tenth most expensive neighborhood in Raleigh is Wilmont. Known for its tree-lined streets and charming mid-century homes, Wilmont offers a peaceful retreat while being just a short distance from the bustling Hillsborough Street corridor. Residents have easy access to the Raleigh Little Theatre and Rose Garden, a cultural gem featuring performances and beautifully landscaped gardens. The neighborhood’s close-knit community is enhanced by local favorites like Neuse River Brewing Company, offering craft beers and a welcoming environment. Transportation is convenient with well-connected roads and nearby public transit options, making it easy to commute to downtown Raleigh and other areas.
11. Downtown Raleigh
Average 1-bedroom rent: $1,732 Apartments for rent in Downtown Raleigh
Number 11 on our list is Downtown Raleigh. It is home to landmarks like the North Carolina State Capitol and the Martin Marietta Center for the Performing Arts, which host a variety of cultural events and performances. The area is known for its thriving arts scene, exemplified by local galleries and the Contemporary Art Museum (CAM Raleigh). Residents enjoy an array of dining options, such as Bida Manda, which offers authentic Laotian cuisine. The neighborhood is highly walkable and bike-friendly, with easy access to public transportation, including the GoRaleigh bus system and the new Raleigh Union Station.
12. Central Raleigh
Average 1-bedroom rent: $1,732 Apartments for rent in Central Raleigh
Taking the 12th spot is Central Raleigh. It features beautifully preserved historic homes alongside contemporary residences, creating a unique blend of old and new. Attractions like the North Carolina Museum of Natural Sciences and the North Carolina Museum of History offer enriching experiences and educational opportunities. Central Raleigh’s culinary scene is diverse, with local favorites such as Poole’s Diner, known for its upscale comfort food, and the culinary innovation at Second Empire Restaurant and Tavern. The neighborhood is well-connected by the GoRaleigh bus system and features bike-friendly streets, making it easy for residents to navigate the area.
13. Moore Square
Average 1-bedroom rent: $1,732 Apartments for rent in Moore Square
Moore Square the final neighborhood on our list. At its heart is Moore Square Park, a historic green space that hosts numerous community events, concerts, and farmers’ markets. The area is also home to the City Market, a charming collection of local shops and eateries, including the popular Big Ed’s Restaurant, known for its hearty Southern breakfasts. Art lovers can visit Artspace, a visual arts center housed in a historic building, offering galleries, artist studios, and educational programs. The neighborhood’s walkability is enhanced by well-maintained sidewalks and access to public transportation, such as the GoRaleigh bus service, making it easy for residents to navigate the city.
Methodology: Whether a neighborhood has an average 1-bedroom rent price over the city’s average. Average rental data from Rent.com in June 2024.
Overdraft and non-sufficient funds (NSF) fees have a lot in common. Both fees are triggered when there’s not enough money in an account to cover a transaction, except with overdrafts, the transaction usually goes through and with NSF, it’s canceled.
Both of these bank fees can be avoided with a bit of focus and practice. Read on to learn the details.
What Are Overdraft Fees?
When a bank account balance is negative (meaning transactions exceed deposits), the account holder is often charged an overdraft fee. The transaction goes through, but the account holder owes the bank the cost of the transaction to bring the account back to zero, as well as the overdraft fee set by the bank.
Typically, overdraft fees will continue with each transaction until an account’s balance is out of the red. That means if an account holder is unaware of the overdraft and goes on using the card without making a deposit, they could be hit with a fee for each charge, no matter how small.
The average overdraft fee is currently $26, but it can be as high as $39, which can add up quickly when someone isn’t paying attention to their checking account balance. It’s worth noting that the government is considering capping these fees at a lower figure, which would benefit consumers.
How Do Overdraft Fees Work?
Overdraft policies vary from bank to bank, but typically they kick in when a debit card or checking account transaction exceeds the amount held in a bank account. There is usually a limit for how much overdraft is covered, say $50.
When the transaction goes through, the bank has a few choices:
• If the account holder has opted for a tool like overdraft protection, they may be shielded from overdraft fees up to a certain amount
• If the account is in good standing, or if the account holder has never over drafted before, the bank may choose to waive overdraft fees in this instance (or you might be able to request this and see if you can avoid overdraft fees).
• If the account holder has a history of over drafting, or is relatively new, the bank may choose to charge the overdraft fee.
When You Could Get Hit With an Overdraft Fee
It’s not just debit card purchases that can set off an overdraft fee. If the account holder doesn’t have enough cash in their checking account, any of the following transactions could lead to an overdraft fee:
• ATM withdrawals
• Checks
• Autopay bill payments or withdrawals
• Transfers between bank accounts
As mentioned above, once an account holder overdraws, the bank may continue to charge subsequent overdraft fees on the account until the balance is restored through a deposit.
💡 Quick Tip: An online bank account with SoFi can help your money earn more — up to 4.60% APY, with no minimum balance required.
What Are NSF Fees?
On the surface, it’s hard to tell the difference between overdraft and NSF fees. Both fees occur when an account doesn’t have enough cash to cover a transaction.
However, an NSF fee is charged when an account doesn’t have enough money to cover a transaction and the transaction is canceled or rejected.
The average NSF fee is currently $20, but some banks may charge considerably higher.
How Do NSF Fees Work?
An account holder might trigger an NSF fee instead of an overdraft fee if they:
• Opt out of or never signed up for overdraft protection
• Already exceeded the bank or credit union’s overdraft protection limit
• Write a check that’s more than the balance of the account
When You Could Get Hit With an NSF Fee
NSF fee policies vary by banking institution, but an account holder is more likely to be charged in the following situations:
• Check writing. When someone writes a check for more than the account’s balance, the check bounces, and the transaction won’t go through. The account holder will be charged an NSF fee by their bank, and they may be charged an additional fee by the bank or entity that tried to cash the check.
• ACH payments. An ACH payment, or Automated Clearing House Network payment, can be an easy way to transfer money or pay someone, but if the transferring bank doesn’t cover ACH payments, the transaction could be canceled and the NSF fee charged.
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What Are the Differences Between Overdraft and NSF Fees?
NSF and overdraft fees are commonly lumped together as general bank fees, but they are not the same. Here’s the difference between overdraft and NSF fees:
NSF Fee vs. Overdraft Fee
NSF Fee
Overdraft Fee
Average Fee
$19
$26
Transaction goes through?
No
Yes
Charged repeatedly until corrected?
No
Yes
Can it be avoided through overdraft protection?
No
Yes
Tips for Avoiding Overdraft and NSF Fees
Overdraft and NSF fees are frustrating for many people because they fall into the category of bank fees you should avoid — and you can easily do so with a few simple practices.
1. Setting Up Email and Text Alerts
Many banks and credit unions offer email and text bank alerts that account holders can set up to notify them of low balances. For example, an account holder could set up an alert when their checking account balance falls below a certain amount.
With enough notice, account holders have time to transfer money into the account to cover upcoming charges or auto-debits.
2. Utilizing Direct Deposit
Setting up direct deposit with an employer means paychecks go directly to a bank account on payday. It’s a nearly immediate payment, opposed to waiting for a check by mail then depositing it at the bank. This could save someone from overdraft fees, especially if paychecks and major bills occur at regular intervals.
3. Having a Savings Cushion to Prevent Overdraft
Keeping a healthy cash cushion in a checking account can prevent it from dropping dangerously low. While it’s not best practice to keep tons of extra cash in a checking account (as these accounts often have low or no interest), keeping a few hundred extra in the account could keep someone from overdrafts when they need to make a transfer or forget about a check they wrote.
4. Checking Finances Regularly
While automation can help, nothing beats a regular check-in for managing your bank account. Consider reviewing account balances at least once a week. It can help you keep those numbers in mind when a large transaction or purchase comes up.
Recommended: Is Overdraft Protection Worth It?
5. Utilizing a Budgeting App
Keeping a budget is an important part of financial wellness. Not only does it involve knowing the balance of bank accounts, but it can also prevent people from over- or unnecessary spending that sends an account into overdraft. Some budgeting apps come with alerts to notify users when account balances are low. One good resource: Your financial institution. See what it offers.
The Takeaway
Both overdraft and non-sufficient funds (NSF) fees occur when your bank balance drops below zero into negative territory. The key difference is that with overdraft fees, the transaction is typically completed, while with NSF fees, the transaction is usually rejected.
You might look for a bank which doesn’t charge overdraft fees up to a limit to minimize the impact of these charges and take steps to always keep your account with a positive balance.
Interested in opening an online bank account? When you sign up for a SoFi Checking and Savings account with direct deposit, you’ll get a competitive annual percentage yield (APY), pay zero account fees, and enjoy an array of rewards, such as access to the Allpoint Network of 55,000+ fee-free ATMs globally. Qualifying accounts can even access their paycheck up to two days early.
Better banking is here with SoFi, NerdWallet’s 2024 winner for Best Checking Account Overall.* Enjoy up to 4.60% APY on SoFi Checking and Savings.
FAQ
What is the difference between overdraft and non-sufficient funds fees?
The difference between overdraft and NSF fees is the success or failure of the transactions. Overdrafting will allow the debit to clear. With an NSF, the transaction does not go through.
Is an overdraft fee or an NSF fee more expensive?
Currently, NSF fees average around $19, while overdraft charges are about $26.
How can you avoid overdraft and NSF fees?
You can avoid overdraft and NSF fees by keeping a close eye on bank account balances and choosing a bank that offers overdraft protection or forgiveness.
The SoFi Bank Debit Mastercard® is issued by SoFi Bank, N.A., pursuant to license by Mastercard International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.
SoFi members with direct deposit activity can earn 4.60% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Direct Deposit means a recurring deposit of regular income to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government benefit payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Direct Deposit”) via the Automated Clearing House (“ACH”) Network during a 30-day Evaluation Period (as defined below). Deposits that are not from an employer or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, or are non-recurring in nature (e.g., IRS tax refunds), do not constitute Direct Deposit activity. There is no minimum Direct Deposit amount required to qualify for the stated interest rate.
As an alternative to direct deposit, SoFi members with Qualifying Deposits can earn 4.60% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Qualifying Deposits means one or more deposits that, in the aggregate, are equal to or greater than $5,000 to an account holder’s SoFi Checking and Savings account (“Qualifying Deposits”) during a 30-day Evaluation Period (as defined below). Qualifying Deposits only include those deposits from the following eligible sources: (i) ACH transfers, (ii) inbound wire transfers, (iii) peer-to-peer transfers (i.e., external transfers from PayPal, Venmo, etc. and internal peer-to-peer transfers from a SoFi account belonging to another account holder), (iv) check deposits, (v) instant funding to your SoFi Bank Debit Card, (vi) push payments to your SoFi Bank Debit Card, and (vii) cash deposits. Qualifying Deposits do not include: (i) transfers between an account holder’s Checking account, Savings account, and/or Vaults; (ii) interest payments; (iii) bonuses issued by SoFi Bank or its affiliates; or (iv) credits, reversals, and refunds from SoFi Bank, N.A. (“SoFi Bank”) or from a merchant.
SoFi Bank shall, in its sole discretion, assess each account holder’s Direct Deposit activity and Qualifying Deposits throughout each 30-Day Evaluation Period to determine the applicability of rates and may request additional documentation for verification of eligibility. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Upon receiving a Direct Deposit or $5,000 in Qualifying Deposits to your account, you will begin earning 4.60% APY on savings balances (including Vaults) and 0.50% on checking balances on or before the following calendar day. You will continue to earn these APYs for (i) the remainder of the current 30-Day Evaluation Period and through the end of the subsequent 30-Day Evaluation Period and (ii) any following 30-day Evaluation Periods during which SoFi Bank determines you to have Direct Deposit activity or $5,000 in Qualifying Deposits without interruption.
SoFi Bank reserves the right to grant a grace period to account holders following a change in Direct Deposit activity or Qualifying Deposits activity before adjusting rates. If SoFi Bank grants you a grace period, the dates for such grace period will be reflected on the APY Details page of your account. If SoFi Bank determines that you did not have Direct Deposit activity or $5,000 in Qualifying Deposits during the current 30-day Evaluation Period and, if applicable, the grace period, then you will begin earning the rates earned by account holders without either Direct Deposit or Qualifying Deposits until you have Direct Deposit activity or $5,000 in Qualifying Deposits in a subsequent 30-Day Evaluation Period. For the avoidance of doubt, an account holder with both Direct Deposit activity and Qualifying Deposits will earn the rates earned by account holders with Direct Deposit.
Members without either Direct Deposit activity or Qualifying Deposits, as determined by SoFi Bank, during a 30-Day Evaluation Period and, if applicable, the grace period, will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances.
Interest rates are variable and subject to change at any time. These rates are current as of 10/24/2023. There is no minimum balance requirement. Additional information can be found at https://www.sofi.com/legal/banking-rate-sheet.
*Awards or rankings from NerdWallet are not indicative of future success or results. This award and its ratings are independently determined and awarded by their respective publications.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
Today’s advanced smart air purifiers ensure clean air. Photo: Shutterstock
“The pandemic significantly increased the time people spent at home, heightening their awareness of health and wellness,” says Jessica Smith, a brand strategist who co-authored the “Home as Highest-tech Health Hub” section of the report.
Brand strategist Jessica Smith says self-care is now a cornerstone of modern living spaces. Photo: LinkedIn
More than two-thirds of Americans now say they spend more time at home compared to two years ago, she says. The convenience and necessity of managing health from home have sped up the adoption of health-centric technologies, “making self-care a cornerstone of modern living spaces”.
These innovations range from circadian rhythm lighting systems – that are set to a lower intensity in the early morning, transition to a higher intensity as the day progresses, and dip in the evening – that improve sleep quality, to smart air purifiers that ensure clean air.
“Unlike traditional medical healthcare, these technologies focus on prevention and maintaining well-being, offering tools that help individuals lead healthier, more balanced lives,” says Smith.
Examples mentioned in the report include DeRucci’s AIoT (Artificial Intelligence of Things) smart mattress, which uses 23 flexible sleep/health AI sensors that track subtle changes in position, body temperature, heart rate, and health and has 18 support airbags that instantly respond and support the user’s position and body movements.
“Such innovations will create healthier living environments and facilitate early detection of health issues, bridging the gap between wellness and medical care,” Smith says.
By using biometric data and adaptive technologies, these environments can adjust lighting, temperature, and even decor in real time to suit individual moods and activities
Jessica Smith
In the US, gadgets are not permitted by law to “diagnose” medical conditions – they can only suggest that something may be wrong and that the user see a doctor for a professional diagnosis. This form of health monitoring is becoming more common, the report says.
Trends indicate a growing adoption of remote health monitoring and virtual consultations, powered by AI. They are enabling more comprehensive healthcare management from the comfort of home.
Nanotechnology works by manipulating atoms the size of one-millionth of a millimetre, or less. And it promises to revolutionise wellness at home by providing advanced materials and devices, says Smith.
“For instance, self-cleaning surfaces using TiO2 [titanium dioxide] nanoparticles can significantly enhance hygiene, while nanotech-based wearables enable continuous health monitoring.”
De Rucci’s smart mattress uses 23 AI sensors to adapt the mattress to the sleeper’s position. It also checks body temperature and heart rate. Photo: De Rucci
At the other end of the scale, “empathetic architecture” creates living spaces that respond to inhabitants’ emotional and physical needs.
“By using biometric data and adaptive technologies, these environments can adjust lighting, temperature, and even decor in real time to suit individual moods and activities,” says Smith.
Ari Peralta, a neuroscientist specialising in sensory design and wellness and founder of Arigami, a studio at the forefront of multisensory integration and sensory profiling, has expanded the idea to include the effects of fine art on the inside environment.
He contributed a section of the report called “A New Multi-sensory Art for Health and Wellness”. Peralta’s focus is on how immersive, sometimes interactive, art created by generative AI – the same technology that powers ChatGPT – can create environments that are conducive to well-being.
Research shows art can benefit our mental, physical and social wellness dimensions, Peralta says.
Imagine art that can transform you based on your movement, heartbeat or mood, inviting you to disconnect from the acceleration of life and fully immerse yourself in that moment
Ari Peralta
“Movement, touch, sound, temperature, all play a role in shaping our sensory experiences. Our nervous system and our sensory system are intertwined,” he says. The sensory system can be used to calm our “flight or fight” responses.
Immersive art uses images and sound to provide the sensation that the viewer is part of the artwork. It often employs light as a visual medium, it can be 3D, it is often created at a large scale, and is interactive in some way, responding to input from the participant or the environment.
Sometimes the imagery and sound can be synched to the participant’s biorhythms, like a heartbeat.
“Imagine art that can transform you based on your movement, heartbeat or mood, inviting you to disconnect from the acceleration of life and fully immerse yourself in that moment,” he says.
“Thanks to new AI technology, art is becoming more participatory, interactive and holistic.”
Ari Peralta is a neuroscientist specialising in sensory design and wellness who founded the company Arigami. Photo: Arigami
Science supports the value in art therapy.
“Extensive research coming out of healthcare facilities indicates that art can reduce patient and personnel stress, curb depression and even reduce pain, therefore promoting a healing environment,” he writes.
“Neuroscience studies confirm that immersive and multisensory art can stimulate the higher-level areas of the brain responsible for creativity and imagination,” he adds. This frees the brain from anxiety and allows space “for inspiration”.
Peralta highlights a recent study that used qEEG (quantitative electroencephalogram) tests that measure electrical activity in the form of brain wave patterns to learn more about the effects of abstract art.
It confirmed an increase in the test subject’s brain voltage, and noted the activation of more regions of the brain when they were viewing abstract art and the brain was challenged to create its own interpretation of it, he says.
A woman wears a VR headset while waving her hands in front of an art display, part of an immersive art experience. Photo: Shutterstock
Everything is coming together to make wellness a priority in the design world, he says.
“Working at the dawn of the next technological revolution offered by generative AI, art-as-wellness and its potential positive impact on human well-being are among the most exciting new fields to explore.”
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You want to learn how to be frugal but not cheap… then, you are in the right place.
Simply put… frugal living is saving money at it finest.
To be honest, though, learning how to be frugal can come with spending more money than you planned in the name of frugality. The truth can hurt. But, in order to be frugal, you must save what you would normally spend.
That means you are economical with money.
The list of 175+ frugal living tips seems like a great place to start when you are learning how to be frugal, right?
Wrong!
You need to focus on a few basic habits first. Set yourself up for success. And then, slowly incorporate more frugal ways to save money.
In this post, that is exactly what you will learn.
The frugal habits you need to be successful along with the best frugal life hacks to guarantee success.
Let’s dig in…
Can being Frugal make you Rich?
Absolutely yes!
The key is to save money from your frugal hacks.
Remember the age-old saying, “A penny saved is a penny earned.”
Every penny will slowly add up to the next money milestone.
If you don’t believe me, then check out this millionaire’s story of being frugal.
How Being Frugal can Cost You?
It can IF you are not careful.
Being frugal is about saving money. However, it is possible to spend more money in the name of frugality.
The first example would be being more than you need just because it is a good sale, deal, or clearance price that you don’t want to miss out on.
Next, in your search to find the cheapest option, you actually spend more over time replacing it because the quality isn’t quite the same.
There is a fine line between frugality, being cheap, and simply overspending on deals.
Just be weary of overspending money in the hunt of saving money.
How to be Frugal with Money
These are the habits you want to embrace to become a frugal person.
Personally, I like to think being frugal is being picky with my money.
I loathe my investment accounts going down, so why would I want to buy things that we don’t need or don’t matter in the long wrong. That is why I choose to be frugal with money.
Specifically, I choose to be economical with how we spend money.
Now, let’s dig in to understand how to be frugal with money.
1. Know Your Goals
First, you must know your goals. If you don’t have a goal, then you aren’t going to make any progress. Period.
In today’s society, it is SO easy to spend money without even realizing it. That is the point of business – they are out to market for your money (and they are good at it, too).
You must prioritize you first.
This is something we hear over and over. Prioritize your self-care before taking care of others. The same holds true for your money.
Action Step #1 – Sit down and write out your financial goals.
If this is something you haven’t done before, then check out our helpful guide to rocking your financial goals.
2. Understand your Spending Habits & Triggers
This one is HUGE!!
If you don’t know how and where you spend money without thinking, then you will never be able to stop the spending. You can’t slow the bleed.
First of all, I will admit that uncovering your spending habits is hard. It is introspective. It can be painful. Maybe even demoralizing.
But, until you let go of your previous financial failures, you won’t be able to move on.
This is an important step to make serious progress in your life. You may be amazed how this seemingly simple things will hold you back.
Action Step #2 – Review bank statements or credit card transactions. Look for things you bought without planning for them.
This will highlight your spending habits.
As for your triggers, watch your emotions and think what you automatically do when you are happy, sad, mad, and celebrating.
3. Save First
Oh my, pay yourself first.
This is something I focus on a lot at Money Bliss and for good reason. Saving money is the backbone to financial success.
If you don’t save money, then you are left scrambling when you need cash or stuck going into debt. This is a vicious hamster wheel that debt will overtake you.
Start by saving $10 a day. Many times you can find that money by uncovering your spending habits.
From there, look at increasing your saving percentage each month.
Action Step #3 – Figure out how much you save each week, each month, and your saving percentage. Brainstorm ways to increase how much you save.
To help our readers, you will find many spreadsheets and printables to help you figure out how much you save and track your savings progress. Once signed up on our email list, you will receive the password.
4. Spend Less Than You Make
Your expenses must be lower than your income. Period.
If you are currently spending more than you make, then you must look at ways to drastically cut expenses. Stop hoping that your situation will change and actually do something about it.
This seems like a very easy math concept. Yet, most people struggle with basic money management.
If you don’t believe that saving an extra $5 day, then think about having $1825 in your pocket.
Now, let’s flip it the other way, if you are overspending by $75 a week, then by the end of the year, you are in the hole $3900 plus interest if you took out debt.
Action Step #4 – Figure out your bare bones budget. Then, decide what fun spending items to keep to make sure you spend less than you make.
Here is a guide to help you figure out your bare bones budget. Also, you will find bare bones budget printable in our free library area.
5. Patience
Lastly, you must have patience.
Changing your money management won’t happen overnight. While you can have quick wins and successes, this is the race won by the turtle.
Patience comes with planning and that is one thrifty habit you should pick up.
When you become frugal with money, you plan how you spend your money and save your money. Many times, that means waiting for a sale to buy an item you need or accumulating money for another date.
Action Step #5 – Show self-restraint and try a no spend week or month.
By holding a no spend challenge, it will help you reshape your finances as well as help you prioritize what is important. As a reader, you have access to our no spend printables, too!
Frugal Life Hacks
These are the specific frugal hacks to save money.
These are the key areas you need to focus your energy on. Over time, they will become habits.
1. Pay Yourself First
Yep, this one again.
If you are frugal, then you pay yourself first.
You are focused on two things – how to save more money and how to make more money.
This pay yourself first concept will have you winning at money management – guaranteed!
2. Budget
A frugal person always has a plan on how they plan to spend their hard-earned money.
This makes sure that spending is always below income.
While many people hate the term “budget,” it doesn’t have to be constricting. We like to call it a “Cents Plan.” You make a plan for your money.
Just like you make a plan for your time on the weekend. Same concept.
The more you save now, the greater freedom you will have later.
3. Cook Meals at Home
Cooking food at home costs at least 25% of eating out. While the convenience of eating out is nice, it comes at a monetary and wellness cost.
You can make healthy meals under $10 for six servings. And not be a slave in the kitchen.
Shop the outer area of the grocery store. The expensive stuff is in the middle.
Hint: Try to incorporate a meatless meal 1-2 times per week. Plant based meals are cheaper to make.
4. Shop Less Often
This goes for general shopping, buying groceries, and adding items to your Amazon cart. The more often you go, the more likely you are to spend more money.
Decide ahead of time when you plan to shop (remember that patience concept from earlier).
For example, to get groceries for our house. I plan two pickups per month at the local grocery store and then have organic produce delivered on odd weeks with Misfits Market. Then, Costco run every month to 6 weeks. (Mind you… I have two children that are hitting the pre-teen phase.)
For me, I have shaved 30% off my grocery budget by implementing the strategy to shop less often.
5. Use Cash for Key Categories
If you are tempted to spend more than you should in certain areas, then you need to look at using cash.
When cash has been spent, you must wait until you full up that envelope again.
This helps so much with overspending.
You can do this with the cashless envelope system as well.
6. Own Less Stuff
The more items you have, the more it cost to buy and maintain.
So, by owning less stuff, you are accomplishing one of the most frugal life hacks to save money.
You don’t even need to become a minimalist. You just need to own what you need and that is it.
If you don’t believe me, look around and pack up anything you haven’t touched in the past 30 days.
7. Don’t Buy New
Buying new can be expensive. The best example of buying new is cars, trucks, and SUVs. The price instantly goes down the second you leave the dealership.
If at all possible, always look for used items that you can get at a discount or even for free.
With online forums and groups, it is much easier to find used items.
Of course, there is a caveat to this life hack; there are some things that are worth the investment and should be bought new. Just watch for sales or discounts.
8. Check your Receipts
It absolutely amazes me how many times I can be charged inccorectly. You would think with technology that this wouldn’t happen, but it does.
It takes a quick thirty seconds to scan your receipts and check for errors.
Sometimes, it may be the warranty you declined or double charged for apples. Other times, the sales price not have been rung up correctly.
Don’t hesitate to ask for the correct price!
9. Review Insurance and Ongoing Subscriptions
This may seem like a mundane task to do, but you could save yourself money.
This past summer, our homeowner’s and auto insurance went up again. We shopped around and ended up saving $1800. The same is true for cell phone and cable service.
You have to call and ask for discounts.
More often than not, these companies want you to continue as a customer and will lower your rate.
Insurance Options:
Automated Options to Save Money:
10. Switch to Reusable Products
When you throw something out, you have to buy new again.
This can fall into many categories. However, here are the main things you can reuse and ditch the waste.
This is what you want to look for:
11. Drink Water
Nothing is more frugal than drinking water.
The costs of various drinks can be a drain to any budget.
If you don’t like your tap water, then you can invest in a cheap filtration pitcher or even an under-mount filtration system. This is the one we installed and have been very happy with!
12. Watch Out for Fees
There are so many little pesky fees that can add up. Some examples include shipping, account maintenance, service fees, banking fees, etc.
While $2-8 may not seem like much, they will balloon over time. Look for promo codes or alternative ways to skip the fees.
13. Cut Cable or Unused Subscriptions
If you don’t use, then don’t spend money on it.
You can’t save money if you spend on things that don’t matter to you.
This is hard for many of us to do because we like conveniences and we don’t want to be seen as different.
Ways to Cut Cable:
The key when cutting cable is not to replace it with more subscriptions that end up costing more.
14. Collect Your Pennies
A true life hack to get you ahead financially is to know your money.
You know where you money goes. You know when you spend it. When you save it.
Also, you will never leave money on the table. If you see a penny, you pick it up and save spare change. If you lose a dollar, you want to get it back.
This means you are actively looking for ways to make more money. You want more pennies to collect that will add to your net worth over time.
15. Free Things to Do
The last frugal life hack is to always look for free things to do.
Here is a little secret… having fun doesn’t need to cost money!! We have been trained that having fun costs money. But, it is so not true!
Some of the best things in life are free.
For all of you, here is a guide of over 101 things to do without money.
Which Frugal Life Hack Will Save Money for You?
Being frugal is a lifelong habit. Yes, there are quick wins you can have here and there. But, in the long run, these frugal life hacks will have the biggest bank for your time.
Learning how to live frugally and be happy is about understanding your priorities and how you want to spend your money.
If you are serious about learning how to be frugal with money, then plan a time to examine your finances. In less than 30 minutes, you will uncover things to change the trajectory of your spending and saving habits.
Just remember… pennies do add up. So, watch your pennies and watch your net worth grow.
Know someone else that needs this, too? Then, please share!!
Did the post resonate with you?
More importantly, did I answer the questions you have about this topic? Let me know in the comments if I can help in some other way!
Your comments are not just welcomed; they’re an integral part of our community. Let’s continue the conversation and explore how these ideas align with your journey towards Money Bliss.
Each of us has our own agenda in terms of what makes stashing our cash away worthwhile. For some of us, it’s the anticipation of doing something fun or buying something beautiful. For others, it’s all about using our money to secure some quality of life and peace of mind.
Regardless of what gets you saving, whether you’re stashing funds to buy a new computer, a used convertible, a house, or even retirement funds to ensure your future, you’ll be honing your saving skills and likely boosting your financial wellness as well.
Why Saving Is Important
The importance of saving cannot be overstated; it’s a very big part of successful money management. Consistently putting away cash can make a major difference over time, especially in your quality of life. By planning and prioritizing what expenses to fund, you’ll have the means to achieve your goals. It’s incredibly rewarding when you make a plan for your money and then realize it.
To jumpstart your savings, try one or more of these creative strategies.
• Budget first. The mere mention of the word budget can stress some people out, but a budget is simply a plan for how you will spend your money. Having a strategy in place can really help keep your spending and savings on track. There are a number of methods you can use to budget, including the good old cash envelopes system and the 50/30/20 rule, as well as a number of mobile apps. Research your options online, and find the one that works best for you.
• Automate savings. One of the easiest ways to ensure you’re saving toward your goal may be to automate your savings. This can take much of the stress out of saving. For instance, you could set up an automatic bank transfer from your checking to your savings account every payday.
• Save consistently. Once you open a bank account, over time, you have a great chance of meeting your goal. Maybe it’s only $5 or $25 a pop, but contributing to your savings account regularly is vital. Be consistent and trust the process.
• Save bonuses, tax returns, and other unexpected windfall amounts. These extras can give your savings account a tremendous boost.
• Match your own purchases. For every amount that you spend on a treat, transfer that same amount into savings.
• Save every $5 bill. By setting aside every $5 bill you encounter (as change from a purchase, from an ATM, etc.), you can save quite a bit in a year’s time.
• Use the 30-day rule to control impulse purchases. Write down that shiny new thing you want, whether it’s a pricey new mobile phone or a designer bag, and wait 30 days to see if you still want it. You may find that your urge to spend on it has passed. If so, you can put the money you save this way into savings to fund something that’s on your wishlist.
Recommended: How Much of Your Paycheck Should You Save?
25 Smart Items to Save Up for
Spending money according to your own personal preferences — whether it’s a vacation, a new car, or a comfortable home for your family — should be the driving force behind your saving goals. This is how to make saving fun: Make a list of cool things to save up for. Create a vision board if you prefer; the idea is to entice yourself to perhaps pass up some unnecessary spending (takeout meals, a multitude of streaming services, and so on) and achieve those things you really crave. Not sure what to start saving for? Here are 25 ideas to get you going.
1. Vacations
You may have heard that vacations are good for both your physical and mental health. Even the act of looking forward to a vacation can improve your happiness. Whether the vacation you crave is a week at a nearby beach, a long weekend with your college besties, or a jaunt through Europe, the prospect of travel can be great motivation to save money.
2. Brand New Electronics
Buying new electronics isn’t just a leisure pursuit. New electronics can help with your productivity and ability to earn an income (or a higher one). It may be worth it to you to save for and invest in tools, such as a new laptop or video equipment, that can make your life better.
3. Starting a Business
If starting a business and becoming your own boss is a dream of yours, savings can go a long way toward making it happen. In fact, 82% of small businesses fail because of cash flow problems. Start accumulating capital so you can hopefully avoid becoming part of that statistic.
4. Home Maintenance
Keeping your home in tiptop shape can not only make living in it more enjoyable and enhance its looks and curb appeal, it can be helpful when you decide to sell it. Maintenance can include such things as getting your furnace and air conditioner checked regularly and getting your carpets cleaned, to lawn care, landscaping, and painting.
5. Weddings
This is a popular motivation to save. Most people dreaming of their big day know that it doesn’t come cheap. The average cost of a wedding in 2024 was about $33,000, according to one survey. Saving for this expense means you can celebrate the special day with loved ones, just the way you want to, while minimizing money stress.
6. Pet care
Owning a pet is enjoyable and rewarding, but it can also be expensive: The annual costs of owning a dog can run anywhere from $1,000 to more than $5,000. Pet care costs include, food, treats, veterinary bills, toys, grooming, and supplies such as beds, collars and leashes. Saving up for these expenses can help you enjoy your furry family member without being stressed out about paying for the things they need.
7. Brand New Car
Most people need wheels to get around, but cars aren’t just about function. Maybe you are dreaming of a low-slung sports car or an SUV that’s ready to offroad. When you get the keys to a new car, you’ll likely know that your time and energy spent saving was worth it.
8. Down Payment on a Home
Saving for a home is a top priority for many and for good reason. Home prices will typically rise 18% to 20% in the next five years, based on historical averages, meaning the value of your home will rise and likely continue to do so. Aside from the potential financial benefits, owning your dream home is a major boost to your and your family’s quality of life.
💡 Quick Tip: Want a simple way to save more each month? Grow your personal savings by opening an online savings account. SoFi offers high-interest savings accounts with no account fees. Open your savings account today!
9. Clothing and Shoes
There’s something about fresh clothes and shoes that can give you a psychological boost. For a household, costs averaged $1,434 for apparel for the year. Saving a little toward making yourself look good is one of the fun things you can save up for. It could be a whole wardrobe upgrade or a special splurge piece, but clothes can be excellent saving motivation.
10. Hobbies
If there’s something you enjoy doing in your free time, be sure to save enough money to fully invest yourself in the activity. Do you want a new acoustic guitar or perhaps a pottery wheel? Save for it. You may even be able to monetize your hobby or start a business from it.
Get up to $300 when you bank with SoFi.
Open a SoFi Checking and Savings Account with direct deposit and get up to a $300 cash bonus. Plus, get up to 4.60% APY on your cash!
11. A Quality Mattress and Mattress Accessories
According to the Centers for Disease Control and Prevention (CDC), one out of three Americans don’t get enough sleep. Being deprived of sleep can have a major impact on how you feel and function. Which is all the more reason to save for the comfiest mattress you can find.
12. Exercise Equipment
The right exercise equipment can help you make your health a priority and work out regularly. It’s not cheap, though. Equipment can cost less than $20 for a kettlebell or thousands for a top-of-the-line rowing machine, exercise bike, or Pilates equipment.
13. Professional Lessons (Sports, Dancing, Cooking, etc.)
Whether you want to dance more smoothly or perfect your golf swing, saving toward developing those skills can bring a lot of joy and satisfaction.
14. College
So many people feel the thrill of pride and achievement when earning a college degree, and it can help fuel a career. But college is expensive. As of 2024, the average cost of college in the U.S. is more than $38,000 per student per year, according to the Education Data Initiative. Saving toward these expenses, whether for yourself or your dependents, can help them get the education they need and dampen the blow of the cost of education.
15. Quality Home Appliances
Maybe you’d like to remove that old eyesore of a dishwasher and replace it with a top-notch new one, or swap out your old washer/dryer for an eco-friendly new model. Or, say, a professional-grade stove is calling to you to live out your gourmet dreams. Once you get the appliance you were dreaming about, you’ll likely feel that saving for it was worthwhile.
16. Home Security
While it may not exactly be a cool thing to save up money for, a home security system can give you peace of mind. As a bonus, you may have fun doorbell footage to look at once you buy your system.
17. Jewelry
If you love shiny baubles, they can certainly be worth saving for. Maybe there’s a dream piece you’ve been pining for. With the cost of some custom jewelry ranging from about $500 to $10,000 or more, you’ll definitely want to have a plan to save for it.
18. Home Furniture
If you value updated and stylish furniture, you’ll want to put it on your list. New furniture can uplift the comfort, function, and look of your home. Not to mention, when (or if) you sell your home, it can possibly help your place fetch a higher sales price.
19. Events & Special Occasions (Concerts, Dinners, Sports Games, etc.)
Many of us look forward to making lifelong memories at special events, from a Taylor Swift concert to the Super Bowl to a local gala. These occasions can both entertain and help you feel connected to the people who accompany you. Indulging in tickets every now and then is an incredibly fun and cool thing to save up for.
20. Home, Car and Health Insurance
Putting money toward insurance premiums may not always be fun, but it may give you peace of mind. It helps you know that you’re covered in case of accidents, unexpected health problems, and natural disasters. Saving up to afford a policy is wise if you are, say, planning to buy a house or car or are prepping for a big live event, like marriage or becoming a parent.
21. Retirement
Saving for retirement is a critical part of your financial health. A Federal Reserve survey found that only 34% of adults felt their retirement savings were on track. If you want to give yourself a healthy cushion for some of the most vulnerable years of your life, you may want to add to your retirement savings. While it doesn’t give you a tangible payoff now, you may rest easier knowing you’re prepared for tomorrow.
22. Anniversaries
Have someone (or something) special you want to celebrate? Put aside some money to do it up right, especially if it’s a nice round number that’s coming up. It’s up to you whether the funds go towards a gift, a trip, or a special night out with friends and family.
23. Repairs and Remodels
Home improvements can make your home more comfortable and functional but they are likely a major expense. With the average remodel topping $41,600 in 2024, it will take quite a chunk of change to make it happen. Saving for this type of cost can help you turn your place into the showplace you know it can be.
24. Birthdays
Celebrating birthdays is a fantastic way to nurture the relationships in your life. Maybe it’s with a candlelit dinner or tickets to a show, but it can be a great excuse to save and then spend some cash.
25. Holidays
Creating holiday memories is important for many of us. Saving up for the holidays and seeing your vision for your family come to life can be incredibly rewarding. Americans spend around $866 each holiday season, according to data from the National Retail Federation; 71% of that goes toward gifts. Stashing some cash in advance can help alleviate stress during the most wonderful time of the year.
Banking With SoFi
Focusing on a wish-list item can give you the motivation and discipline to start saving. Of course, the savings goal will vary with each person. One person may want a trip to Bali, another may need a new car, and a third may be focused on getting a down payment together for a home.
Whatever the goal, opening a bank account and consistently depositing your cash into it to save for an important purchase can be a great way to help build your financial skills, improve your financial foundation, and elevate your quality of life.
Interested in opening an online bank account? When you sign up for a SoFi Checking and Savings account with direct deposit, you’ll get a competitive annual percentage yield (APY), pay zero account fees, and enjoy an array of rewards, such as access to the Allpoint Network of 55,000+ fee-free ATMs globally. Qualifying accounts can even access their paycheck up to two days early.
Better banking is here with SoFi, NerdWallet’s 2024 winner for Best Checking Account Overall.* Enjoy up to 4.60% APY on SoFi Checking and Savings.
FAQ
How can I develop the mindset to save long-term?
To develop a mindset to save for the long term, be sure to start with a goal. Brainstorm some important, meaningful things to save up for. Then, automate regular transfers to your savings account. If you don’t see that money in your checking account, you likely won’t spend it.
Is saving money long-term hard?
Saving can be hard, and even a small amount stashed regularly can make a big difference in your financial wellness. The Federal Reserve Bank of St Louis reports that the personal savings rate in April 2024 was 3.6%. It may not be a huge amount, but it can be a good start.
How do I make saving money easier?
Saving money is easier when you have a plan in place. Automating money transfers to your savings account when your paycheck hits is one easy way to start saving towards a goal. You can also experiment with different budgeting methods to help “find” more money to put into your savings.
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As an alternative to direct deposit, SoFi members with Qualifying Deposits can earn 4.60% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Qualifying Deposits means one or more deposits that, in the aggregate, are equal to or greater than $5,000 to an account holder’s SoFi Checking and Savings account (“Qualifying Deposits”) during a 30-day Evaluation Period (as defined below). Qualifying Deposits only include those deposits from the following eligible sources: (i) ACH transfers, (ii) inbound wire transfers, (iii) peer-to-peer transfers (i.e., external transfers from PayPal, Venmo, etc. and internal peer-to-peer transfers from a SoFi account belonging to another account holder), (iv) check deposits, (v) instant funding to your SoFi Bank Debit Card, (vi) push payments to your SoFi Bank Debit Card, and (vii) cash deposits. Qualifying Deposits do not include: (i) transfers between an account holder’s Checking account, Savings account, and/or Vaults; (ii) interest payments; (iii) bonuses issued by SoFi Bank or its affiliates; or (iv) credits, reversals, and refunds from SoFi Bank, N.A. (“SoFi Bank”) or from a merchant.
SoFi Bank shall, in its sole discretion, assess each account holder’s Direct Deposit activity and Qualifying Deposits throughout each 30-Day Evaluation Period to determine the applicability of rates and may request additional documentation for verification of eligibility. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Upon receiving a Direct Deposit or $5,000 in Qualifying Deposits to your account, you will begin earning 4.60% APY on savings balances (including Vaults) and 0.50% on checking balances on or before the following calendar day. You will continue to earn these APYs for (i) the remainder of the current 30-Day Evaluation Period and through the end of the subsequent 30-Day Evaluation Period and (ii) any following 30-day Evaluation Periods during which SoFi Bank determines you to have Direct Deposit activity or $5,000 in Qualifying Deposits without interruption.
SoFi Bank reserves the right to grant a grace period to account holders following a change in Direct Deposit activity or Qualifying Deposits activity before adjusting rates. If SoFi Bank grants you a grace period, the dates for such grace period will be reflected on the APY Details page of your account. If SoFi Bank determines that you did not have Direct Deposit activity or $5,000 in Qualifying Deposits during the current 30-day Evaluation Period and, if applicable, the grace period, then you will begin earning the rates earned by account holders without either Direct Deposit or Qualifying Deposits until you have Direct Deposit activity or $5,000 in Qualifying Deposits in a subsequent 30-Day Evaluation Period. For the avoidance of doubt, an account holder with both Direct Deposit activity and Qualifying Deposits will earn the rates earned by account holders with Direct Deposit.
Members without either Direct Deposit activity or Qualifying Deposits, as determined by SoFi Bank, during a 30-Day Evaluation Period and, if applicable, the grace period, will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances.
Interest rates are variable and subject to change at any time. These rates are current as of 10/24/2023. There is no minimum balance requirement. Additional information can be found at https://www.sofi.com/legal/banking-rate-sheet.
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The City Beautiful, Orlando, FL, is known for its vibrant neighborhoods, picturesque lakes, and iconic theme parks like Walt Disney World and Universal Studios. With a population of about 287,000 residents, Orlando is a popular destination for renters looking to experience the magic of this city. If you’re looking to rent an apartment in Orlando, you’ll find that the average rent for a one-bedroom apartment is $1,749. We’ve compiled a list of the most expensive Orlando neighborhoods to rent an apartment in this year.
12 Most Expensive Neighborhoods in Orlando
From the planned community of Baldwin Park to the bungalows of Colonialtown North, there are plenty of charming neighborhoods in Orlando. Whether you’re looking for a sleek home to rent in Orlando or wondering where to live in the city, read on to find out what neighborhoods made the list.
1. North Orange 2. Lakeside Village 3. Baldwin Park 4. Lake Nona 5. Airport North 6. Park Central 7. Englewood Park 8. College Park 9. South Eola 10. Vista East 11. Horizon West 12. Colonialtown North
Let’s jump in and see what these neighborhoods have to offer.
1. North Orange
Average 1-bedroom rent: $2,491 Apartments for rent in North Orange
North Orange is the most expensive neighborhood in Orlando, as the average rent for a one-bedroom unit is $2,491. The area is known for its high-end shopping and dining options, such as those found at the Winter Park Village, which features luxury retailers, fine dining restaurants, and boutique shops. The neighborhood is also close to cultural attractions such as the Orlando Museum of Art and the Dr. Phillips Center for the Performing Arts, offering residents access to world-class entertainment and cultural experiences. Additionally, North Orange is home to beautiful parks and green spaces, including the scenic Lake Eola Park, which provides a picturesque setting for outdoor activities and community events. The presence of top-rated schools and well-maintained residential areas with modern amenities further contributes to the appeal of the neighborhood.
2. Lakeside Village
Average 1-bedroom rent: $2,220 Apartments for rent in Lakeside Village
Lakeside Village, southwest of downtown Orlando, comes in at number 2 on our list. The neighborhood features beautiful, well-maintained lakes and green spaces, such as the serene Lake Cherokee Park, which provides residents with opportunities for leisurely walks, kayaking, and scenic picnics. Local dining gems like The Strand offer farm-to-table cuisine in an intimate setting, contributing to the area’s upscale dining scene. Art and culture enthusiasts appreciate the nearby Orlando Repertory Theatre, known for its engaging performances and community events. Additionally, the area’s proximity to boutique fitness centers like Peaceful Peacock Orlando, which offers specialized yoga and wellness programs, adds to the neighborhood’s allure, making it a highly sought-after and costly place to live.The average rent for one-bedroom apartments is $2,220, which is about $450 above the city’s average, making it a pricier neighborhood. However, residents say Lakeside Village’s charm and amenities are worth it.
3. Baldwin Park
Average 1-bedroom rent: $2,036 Apartments for rent in Baldwin Park
With an average one-bedroom rent of $2,036, Baldwin Park is the third most expensive neighborhood in Orlando. This meticulously planned community features a variety of high-end local establishments, such as The Osprey, a stylish seafood restaurant known for its fresh, locally sourced dishes and sophisticated atmosphere. Baldwin Park is home to beautiful parks and outdoor spaces, including Lake Baldwin Park, which offers scenic walking trails, a dog-friendly beach, and stunning lake views. Additionally, the community’s emphasis on walkability, with tree-lined streets and a central village center hosting regular events and farmers markets, adds to the neighborhood’s exclusive appeal. The proximity to top-rated schools and recreational facilities like the Baldwin Park Village Center’s fitness and wellness offerings further contribute to its popularity.
4. Lake Nona
Average 1-bedroom rent: $2,000 Apartments for rent in Lake Nona
Lake Nona is the next most expensive neighborhood in Orlando. This neighborhood is known for its central location near Lake Nona and the Orlando International Airport. The area is home to the Lake Nona Medical City, a landmark for medical research and healthcare with institutions like the UCF College of Medicine and Nemours Children’s Hospital, attracting professionals and driving demand for housing. Local dining gems, such as Canvas Restaurant & Market, offer residents farm-to-table cuisine with stunning lake views. The Lake Nona Golf & Country Club provides an exclusive, world-class golfing experience, adding to the neighborhood’s allure. Additionally, the neighborhood’s emphasis on wellness is evident in facilities like the Lake Nona Performance Club, a state-of-the-art fitness center promoting health and well-being, further contributing to the area’s high cost of living.
5. Airport North
Average 1-bedroom rent: $1,975 Apartments for rent in Airport North
Airport North is the fifth most expensive neighborhood in Orlando. Residents are attracted to Airport North thanks to its strategic location, high-quality amenities, and proximity to key attractions. The neighborhood is adjacent to the Orlando Executive Airport, which provides convenience for frequent travelers and aviation enthusiasts. Local parks such as Lake Underhill Park offer residents beautiful green spaces with scenic walking trails, a boat ramp, and a fitness area, enhancing the community’s appeal. The area also features unique establishments like the Orlando Watersports Complex, where residents can enjoy activities such as wakeboarding and paddleboarding in a state-of-the-art facility. Additionally, cultural attractions like the Dr. Phillips Center for the Performing Arts are easily accessible, providing top-notch entertainment and cultural enrichment, contributing to the area’s desirability and higher cost of living.
6. Park Central
Average 1-bedroom rent: $1,954 Apartments for rent in Park Central
Next up is Park Central, the sixth most expensive neighborhood in Orlando and its no wonder the rents are above average. The area is renowned for its upscale residential complexes, featuring modern architectural styles with high-end finishes and amenities such as resort-style pools, fitness centers, and private clubhouses. Local establishments like The Boheme, an elegant restaurant known for its artistic ambiance and fine dining experience, contribute to the neighborhood’s allure. Residents enjoy proximity to beautiful parks such as Cypress Grove Park, which offers scenic walking trails, picnic areas, and a historic estate overlooking Lake Jessamine. Additionally, the neighborhood is close to cultural attractions like the Dr. Phillips Center for the Performing Arts, providing residents with easy access to world-class performances and events.
7. Englewood Park
Average 1-bedroom rent: $1,951 Apartments for rent in Englewood Park
Located east of downtown, Englewood Park is the next neighborhood on our list. The area is home to lush green spaces like Englewood Park itself, which provides residents with well-maintained walking trails, sports facilities, and playgrounds, making it an ideal spot for outdoor activities. Local establishments offer unique dining experiences with organic, locally sourced food in a charming setting. The neighborhood’s architecture features a mix of beautifully preserved mid-century homes and modern renovations, adding to its aesthetic appeal. Additionally, Englewood Park is close to cultural attractions like the Orlando Science Center and the Mennello Museum of American Art.
8. College Park
Average 1-bedroom rent: $1,950 Apartments for rent in College Park
College Park takes the eighth spot on our list of most expensive neighborhoods in Orlando. The average rent for a one-bedroom unit is roughly $100 more than the city’s average. The neighborhood features beautiful parks like Dartmouth Park and Lake Ivanhoe Park, offering residents lush green spaces for recreation and relaxation. Local establishments such as Infusion Tea, a popular spot for organic teas and light bites, add to the neighborhood’s allure. The area is also home to the historic Dubsdread Golf Course, providing a scenic and challenging course for golf enthusiasts. Architecturally, College Park is notable for its mix of historic bungalows, mid-century homes, and modern renovations, creating a visually appealing and diverse streetscape.
9. South Eola
Average 1-bedroom rent: $1,907 Apartments for rent in South Eola
A well-loved Orlando neighborhood, South Eola is the next area on our list. The neighborhood offers a unique combination of city living with a touch of nature. The area is home to the picturesque Lake Eola Park, where residents can enjoy community events like farmers markets and outdoor concerts. South Eola also boasts a variety of local establishments, such as The Stubborn Mule, known for its innovative American cuisine, and Eola Wine Company, a cozy spot for wine enthusiasts. Cultural attractions, including the nearby Dr. Phillips Center for the Performing Arts, provide a rich array of entertainment options. Architecturally, South Eola features a mix of modern high-rise condos and charming historic homes, catering to diverse tastes and offering a range of housing styles.
10. Vista East
Average 1-bedroom rent: $1,883 Apartments for rent in Vista East
Coming in at tenth on the list, Vista East in Orlando offers a blend of upscale amenities and scenic parks. The neighborhood is home to beautiful local parks such as Vista Park, which offers well-maintained walking trails, playgrounds, and serene picnic areas, providing residents with ample opportunities for outdoor recreation. Local establishments like Canvas Restaurant & Market provide a unique dining experience with locally sourced ingredients and waterfront views, enhancing the area’s appeal. Vista East is also close to Lake Nona Medical City, a state-of-the-art health and life sciences campus, attracting professionals and driving up demand for housing. Architecturally, Vista East features a mix of modern single-family homes and stylish townhouses, often with contemporary designs and high-end finishes, contributing to the neighborhood’s high property values.
11. Horizon West
Average 1-bedroom rent: $1,833 Apartments for rent in Horizon West
Number 11 on our list is Horizon West. The neighborhood is known for its well-planned communities that feature attractive architectural styles, including contemporary single-family homes, stylish townhomes, and luxury apartments, often designed with sustainability and modern living in mind. Local parks like Horizon West Regional Park offer residents expansive green spaces, sports fields, and playgrounds, making it a hub for outdoor activities and community events. The area is also home to unique local establishments such as The Vineyard Wine Bar & Healthy Bistro, which provides a refined dining experience with an emphasis on fresh, locally sourced ingredients. Nearby, the Horizon West Theater offers cultural enrichment with various performances and community events. Additionally, the neighborhood’s close proximity to popular attractions like the Orlando Health Horizon West Hospital ensures convenient access to top-notch healthcare.
12. Colonialtown North
Average 1-bedroom rent: $1,810 Apartments for rent in Colonialtown North
Taking the 12th spot is Colonialtown North. The average rent for a one-bedroom apartment is $1,810, about $60 more than the city’s average of $1,749. The area is home to several well-maintained parks, such as Colonialtown Square Park, which offers a serene environment with green spaces, playgrounds, and picnic areas. Local establishments like the Mills 50 District provide a unique cultural experience with a variety of independent cafes, art galleries, and specialty shops, contributing to the neighborhood’s lively atmosphere. The nearby Orlando Urban Trail offers residents a scenic route for biking, jogging, and walking, connecting various parts of the city. Architecturally, Colonialtown North is notable for its mix of early 20th-century bungalows and modern renovations, providing a diverse and attractive housing market.
Methodology: Whether a neighborhood has an average 1-bedroom rent price over the city’s average. Average rental data from Rent.com in June 2024.
Victor Ciardelli beamed as his mortgage company, Chicago-based Guaranteed Rate, launched a “financial wellness” and “personal well-being” app last fall before a live audience in Times Square with wellness celebrity Deepak Chopra.
“Something we are passionate about at Guaranteed Rate is caring about people and their overall well-being,” Ciardelli said in a video of the event posted online. “We wanted to make sure that we did something to help people in their general stress and alleviate pain.”
But in the days following the launch of the app, which offers home loan applications and other financial services alongside yoga classes and nutrition advice, Ciardelli wasn’t happy. Yelling at executive leadership on company calls, he referred to his employees as “failures,” complained that the team did not show him from a particular camera angle and said “Marketing is a f−−−ing disaster,” according to two executives who were on the calls.
Despite Ciardelli’s public remarks on the importance of personal well-being, many former employees told the Tribune they experienced or witnessed persistent verbal abuse and a misogynistic environment while working at Guaranteed Rate. As part of a Tribune investigation, reporters interviewed nearly 80 former employees and reviewed court records, internal company emails, written exit interviews and text messages.
Many of the former staff members who spoke with the Tribune described Ciardelli, the company’s president, CEO and founder, as a boss who was quick to berate, swear at and demean employees.
“Every person that works directly under Mr. Ciardelli is terrified of his potential anger outbursts,” one former assistant wrote to human resources after she was let go from the company a couple of years ago, according to an email reviewed by the Tribune.
Some former employees who spoke with the Tribune said they were driven to seek mental health care because of the work environment at the company; one former worker said she contacted a suicide hotline last year.
Multiple women who used to work at Guaranteed Rate, meanwhile, described working in a sexualized atmosphere where some male loan officers and managers made sexually explicit remarks to female employees, hit on them in the office or at work events, and commented inappropriately on their appearance — even, in one case, encouraging a woman to use her looks to help close a loan.
In February, a woman who used to work as a loan officer at Guaranteed Rate filed a lawsuit against two high-producing loan officers at the company, alleging sexual harassment and gender discrimination. Her complaint alleges one of the male loan officers sexually harassed her at a corporate event, that the other loan officer pressured her not to report the incident to human resources, and that for the remainder of her employment the man who made the remark used “gender-based and demeaning slurs to refer to” her and other women at the company.
Other former employees said they did not bring their complaints to human resources because they thought Ciardelli or other executives and managers meddled in the department’s business and might retaliate, with at least two former employees saying they’d observed how company leaders protected certain staff members. Others said they did complain but felt the department didn’t take the information seriously.
In response to a detailed list of questions from the Tribune, Ciardelli and Guaranteed Rate vehemently denied all of these allegations, describing the company as a positive workplace environment where women in particular are supported. The firm went to remarkable lengths to dispute the allegations, including sending the results of a worker satisfaction survey it conducted and forwarding more than 80 testimonials from current and former employees. Among them were five of Ciardelli’s current or former assistants, as well as numerous male and female executives praising his leadership and support.
The company also retained an outside law firm that, even before receiving the reporters’ list of questions, threatened to sue the newspaper for defamation.
Guaranteed Rate, whose corporate headquarters is in Chicago’s North Center neighborhood, has grown tremendously since its founding in 2000 to become one of the largest mortgage lenders in the country based on loan volume, according to industry news and data provider Inside Mortgage Finance. Its name has adorned the White Sox stadium since 2016, and as recently as 2018, Guaranteed Rate was named a Chicago Tribune Top Workplace — a distinction based on surveys conducted by an outside company, with no input from editorial staff on the selection.
Guaranteed Rate CEO Victor Ciardelli prepares to throw out the ceremonial first pitch at a White Sox home game in August 2016. The ballpark would be renamed after his company later that year. (Chris Sweda/Chicago Tribune)
Jason Scott, a former top-producing loan officer and director of VA lending, which provides home loans to military veterans and active-duty service members, at Guaranteed Rate said his earlier years at the company — when lower mortgage rates fueled industry growth — were positive. But Ciardelli’s outbursts and verbal abuse of employees grew more noticeable, he said, when rising interest rates started to erode those gains, especially after the boom years of the COVID-19 pandemic.
“I think crazy success just brings out who the real people are,” said Scott, who reported to Ciardelli in his director role and now works for CrossCountry Mortgage, a competitor of Guaranteed Rate. “What did you sacrifice to get there? Did you sacrifice your soul or your core values?”
Many other former employees who spoke with the Tribune did so on the condition they would not be named in this story, saying they feared Guaranteed Rate would sue them. Guaranteed Rate has filed lawsuits against former employees to claw back signing bonuses; it also has sued competitor New American Funding and former employees who have hired former Guaranteed Rate workers, accusing them of unlawful poaching.
Ciardelli declined to be interviewed without his attorney for this story. In response to written questions provided by the Tribune, he and the company suggested the criticism of Guaranteed Rate came from disgruntled employees who could not succeed in a demanding work environment within a challenging industry, or from people who now work for a competitor and therefore would benefit from disparaging the company.
“We hold ourselves and our team members to an incredibly high standard and are not apologetic about that,” Ciardelli said in his written responses, sent through the outside law firm retained to handle communications with the Tribune. “We also recognize … that to achieve great success, one must embrace a full ownership for their actions, both successful and otherwise to achieve growth and most important optimally serve our customers. We promote a transparent culture that supports all our team members toward that goal and welcome constructive criticism. As a result, we are not for everyone.”
Ciardelli specifically denied berating staff, yelling at executives after the app launch or ever calling employees “stupid” or “failures.” He quoted the company’s chief operating officer, Nik Athanasiou, as saying: “I have worked with Victor for 15 years. No one is in more meetings with him than me. I do not ever recall an instance where Victor was abusive toward another employee.”
Ciardelli also pointed to the company’s anti-discrimination and anti-harassment policies and said neither he nor any other executive interfered with human resources.
In response to questions from the Tribune about women’s complaints, including being subjected to sexually explicit comments and working in a “boys club” atmosphere, Ciardelli wrote that such allegations are “simply not true.” The company “has not, does not, and would not objectify women or put them in uncomfortable personal or professional situations,” he wrote.
Ciardelli also highlighted the large number of female loan officers working at the company, their professional success and the testimonials from female employees. When the Tribune asked to speak with four of those women, only one — Rola Gurrieri, the company’s New Jersey-based chief fulfillment officer — agreed to be interviewed without outside counsel or management present.
Regarding the lawsuit filed by former Guaranteed Rate loan officer Megan McDermott, the company told the Tribune it had “found no evidence supporting Ms. McDermott’s allegations of sexual harassment or gender discrimination” after conducting a “comprehensive investigation.”
Guaranteed Rate also sent a general statement detailing the company’s business philosophy, which includes a “fierce commitment to excellence.” Employees who do not “meet our core values or our quality standards” find it challenging to maintain job satisfaction at the company, it said.
“Many of these employees walk away not feeling good about the company which is a natural emotion when faced with a reality that their standards and the company standards are not aligned,” the statement said.
But many of the former employees who spoke with the Tribune described a cutthroat work culture they said could be frightening and upsetting, with several attributing that culture to Ciardelli’s laser focus on making money and growing Guaranteed Rate.
A sign is installed at the White Sox stadium in October 2016 to proclaim its new name: Guaranteed Rate Field. (Zbigniew Bzdak/Chicago Tribune)
The former assistant who emailed human resources asked not to be identified in this story, fearing it might jeopardize her current job or trigger retaliation from Ciardelli. In that email, the woman wrote that she was “constantly on edge and terrified to have an interaction with Mr. Ciardelli” and that she had “consoled each assistant on his team that endured the wrath of Mr. Ciardelli’s behavior.”
“I hope that my experience will open your eyes,” she wrote.
Flying too close to the sun
In an interview with the Tribune in 2014, Ciardelli made plain his ambition to grow the company.
“If you can’t handle it, you shouldn’t be here,” Ciardelli said. “Instead of feeling like, oh, we care about people’s feelings and all that, it’s all about results.”
In the same article, Ciardelli said he worked constructively with his employees when issues arose at work. “There’s no drama involved; there’s no yelling,” he said. “Let’s fix the issue and move on.”
But multiple former executives and employees told the Tribune Ciardelli regularly yelled at and verbally attacked executives and other employees in person and on company calls, sometimes in front of hundreds of people, with the calls following the app launch just one example.
Some former and current employees told the Tribune they tried to avoid Ciardelli because they were scared of his temper.
Scott, the former director of VA lending who worked at Guaranteed Rate from 2017 until he resigned in 2022, splitting his time between offices in Hawaii and Colorado, called Ciardelli a “bully.”
Scott told the Tribune that, during one call, Ciardelli took an executive “to the woodshed and just eviscerated him verbally,” saying things such as “I can’t believe you are this stupid.”
“(Victor) throws the grenade and then he leaves the room,” not giving people a chance to explain or talk through the issue, Scott said.
At the time of Ciardelli’s 2014 Tribune interview, Guaranteed Rate had 2,500 employees nationally, 1,050 of whom were based in Chicago, according to Tribune archives.
The company grew to employ 9,708 people nationwide at its peak in 2021, Guaranteed Rate told the Tribune in May. Part of the company’s growth stemmed from its acquisitions of other mortgage companies: Manhattan Mortgage and Superior Mortgage in 2012 and Stearns Lending in 2021.
Victor Ciardelli, shown in 2014 at Guaranteed Rate’s headquarters, told the Tribune that year that he had ambitious plans for the company and “if you can’t handle it, you shouldn’t be here.” (Abel Uribe/Chicago Tribune)
Guaranteed Rate also partners on mortgage services with some of the largest real estate companies in the country. Including the people working in those partnerships, Guaranteed Rate had 14,264 employees at its height in 2021.
Like other mortgage companies, Guaranteed Rate has suffered a significant decline in business over the last two years, stemming from mortgage rates that have more than doubled from their record lows during the pandemic.
As mortgage rates soared in 2022 and 2023, the firm implemented thousands of layoffs, with only 3,871 workers remaining as of April, or 5,756 among all its companies, excluding contractors, as of May, according to the company.
Yet Ciardelli’s volatile behavior predated the stressful times in the housing market, according to some people who worked for Guaranteed Rate. Many people who “fly too close to the sun” — a metaphor some employees used to describe working directly with Ciardelli — eventually leave, they said.
People who work in personal and executive assistant roles for Ciardelli rarely last long in their jobs, with many leaving after less than a year, former employees said. Some referred to Ciardelli’s assistant position as a “revolving door,” and the LinkedIn profiles of multiple former assistants show short stints with the company.
More than two dozen executives and senior loan officers have left the company over the last decade, with a significant exodus occurring in the past two years. Multiple former executives and loan officers — including Scott — told the Tribune they left because of Ciardelli’s verbal outbursts and what many described as a workplace where they felt bullying and misogyny were tolerated. Most now work for competitors.
Ciardelli and other executives sometimes would disparage people who left the company, according to Scott.
“I would be like ‘Guys, did anybody ever think about reaching out to them before they left and having an exit interview with them?’” Scott said. “You are talking about a person that was a top producer here that you loved them as long as they produced, and now that they leave, they are an enemy? … They are leaving for a reason.”
In Ciardelli’s written responses to Tribune questions, he said allegations of a toxic work environment or bullying on his part are “not aligned with Guaranteed Rate or my leadership.” He said neither he nor other executives have disparaged former employees when they left the company.
In response to a question about assistant turnover, Ciardelli wrote that he has worked closely with five “primary” assistants since 2000. “As is the case with any demanding support roles, there has been some turnover with secondary and tertiary assistants, but nothing that is abnormal or unexpected,” he wrote.
One testimonial sent to the Tribune was from Melissa Czaszwicz, who said she worked for Ciardelli as an executive assistant in the early 2000s. She wrote that she had a positive experience working closely with Ciardelli, who she said was especially supportive when she had children.
“Never did I witness anything inappropriate or out of line,” said Czaszwicz, who still works at Guaranteed Rate.
‘Mental health has suffered’
Some former employees who spoke with the Tribune said they were driven to seek mental health support during and after their time at the company because of the negative work environment they experienced at Guaranteed Rate.
Most of those who shared their experiences worked for an executive who has a close working relationship with Ciardelli. Former workers said this executive also verbally abused staff and was prone to volatile mood swings.
One told the Tribune she texted and called a suicide hotline last year while working at the company because of verbal abuse from the executive; she shared the texts she sent with the Tribune.
In her resignation email, sent to the executive and to the human resources department last year, she wrote: “My mental health has rapidly declined due to the way I have been treated and spoken to in the last couple of months.”
Another employee from the same team wrote in a 2019 resignation letter sent to the executive, human resources, Ciardelli and others that his “mental health has suffered.”
Founded in 2000, Guaranteed Rate grew to become one of the largest mortgage lenders in the country but has suffered a decline in business as mortgage rates have soared in the last two years. (Brian Cassella/Chicago Tribune)
In the resignation email and in an interview with the Tribune, the former employee said his boss gave him the runaround when he asked for time off to attend his mother’s chemotherapy appointments and complained to other employees about his requests.
Other employees discouraged him from requesting leave directly from human resources, warning him he would be fired if he went around the executive, according to the email.
Alyssa Ortiz, another former employee, said working with this executive was like being in an “abusive” relationship, being yelled at one minute and being invited for drinks the next.
“Everyone has gotten … chewed out and left crying,” said Ortiz, who worked for Guaranteed Rate from 2017 to 2019.
Ortiz told the Tribune that human resources and Ciardelli had been notified of this executive’s verbal mistreatment of employees but did nothing. She and about a dozen other former employees told the Tribune they felt Ciardelli protected this executive because of their working relationship.
In a written exit interview from 2020, one employee from the same department described how the executive would discuss former employees’ exit interviews with current employees.
“This created a fear for us to go to HR for anything moving forward,” the employee wrote.
Ciardelli said the company was not aware of any incident in which an executive read former employees’ exit interviews aloud; he said Guaranteed Rate “would never support this practice.”
Dozens of employees have left the executive’s department since 2017, according to interviews with former workers and LinkedIn profiles. The executive has since been promoted, the executive’s LinkedIn profile and the company’s website show.
In 2018, the head of human resources at the time took away the HR representative working with the executive’s department because of “risks” the executive posed to the company, according to an email reviewed by the Tribune.
“I can’t in good conscience keep allowing (the executive) to drag other employee (sic) into … schemes,” the former HR head wrote. “And by schemes I mean risky bull−−−−.” The department would have no assigned human resources representative after that, according to the email.
In correspondence with the Tribune, Guaranteed Rate described the company as a positive workplace where abuse and harassment are not tolerated and where complaints to human resources are taken seriously.
“We are not perfect by any means, but we do work hard to listen to our employees and make sure they feel supported,” a company spokesperson wrote in an email to the Tribune in April. “Most of all, we have no tolerance for any form of bullying, harassment or mistreatment. It is not who we are or who we want to be.”
Some of the employee testimonials provided by Guaranteed Rate expressed similar sentiments. For example, Mohamed Tawy, a branch manager and senior loan officer who has been with Guaranteed Rate for three years, wrote that the culture at the company is the best he has experienced in his 15-year career.
In an interview with the Tribune, Tawy said: “As a top producer … and I’m also a minority myself, I haven’t felt anything or seen anything that makes this company in any way negative for anybody that’s different. … I’ve seen here all that matters is that you do a good job, your production is good and that you follow the protocols and the rules, and I’ve seen people succeed with that more than any company I’ve been with.”
The Guaranteed Rate spokesperson also shared the results of an employee experience survey conducted in February. According to the company, the average rating for the culture at Guaranteed Rate was 8.49 out of 10, with nearly 75% of 3,745 employees responding. Those ratings were based on employees’ stated level of comfort providing feedback and/or concerns, how much they felt supported by the company in maintaining a healthy work-life balance and their sense of Guaranteed Rate’s commitment to promoting diversity and inclusion.
The email from the spokesperson said the company received “a countless number of positive comments and appreciation for their leaders, teams and our overall culture.”
In response to Tribune questions, Guaranteed Rate said in May that the survey was anonymous and it was analyzed by its “employee experience team.” The company did not provide the Tribune with a complete set of responses from the survey, but it volunteered that employees used the word “toxic” to make a negative comment about Guaranteed Rate in only 14 of the more than 5,000 written responses provided to three open-ended survey questions.
‘Mortified and disgusted’
Megan McDermott, a single mother of three, met her supervisor at Guaranteed Rate, Jon Lamkin, in person for the first time at a corporate event in December 2015, according to the lawsuit she filed in February.
When Lamkin heard the age of her oldest child, the suit alleges, he said: “You should have known better than to let some guy’s d−−− c−−− inside you.”
According to her lawsuit, McDermott reported the comment to Joseph Moschella, a regional manager and senior loan officer at Guaranteed Rate who was responsible for McDermott’s region while she worked at the company. Moschella, the suit alleges, “pressured” her not to make a formal complaint of sexual harassment to human resources.
McDermott told the Tribune she was “mortified and disgusted” after Lamkin made the comment.
“The irony here is that Jon should have known better than to treat an employee the way he did rather than telling me I should have known better to become a single mother at 20 years old,” McDermott said, “which is vile. … He set the tone the first day I met him of the power Joe and Jon had over my career.”
Megan McDermott, shown in March in New Jersey, has filed a lawsuit alleging she was “subjected to a sexual and gender-based hostile work environment” at Guaranteed Rate and did not receive the same opportunities, treatment and pay as male loan officers. (Brian Cassella/Chicago Tribune)
As McDermott went on to become a top-producing loan officer for Guaranteed Rate in New Jersey, her suit alleges Lamkin subjected her to abuse by “regularly screaming at her and using gender-based and demeaning slurs to refer to” her and other women at the company.
Her lawsuit alleges she was “subjected to a sexual and gender-based hostile work environment” by Guaranteed Rate, Lamkin and Moschella. Her suit also alleges McDermott did not receive the same opportunities, treatment and pay as male loan officers, which some other female loan officers told the Tribune reflected their own experiences as well.
McDermott did not lodge a complaint after Lamkin’s comment because she “believed she would be retaliated against” if she did so, the suit states. When she did report to HR around 2019 that Lamkin had engaged in “abusive behavior,” the department “failed to do anything to investigate or curtail Defendant Lamkin’s behavior,” the complaint alleges.
“Joe encouraged me not to go to HR because of the damage it would do to Jon’s career,” McDermott said. “Ultimately, all that they were worried about was Jon, his reputation and his career versus reporting inappropriate behavior.”
Guaranteed Rate told the Tribune in its May response that Lamkin’s comment was “nothing more than a single off-color joke,” that McDermott accepted an apology from Lamkin and that Moschella “encouraged” McDermott to contact human resources if she was “still upset.”
The company said it “could not find any record of Ms. McDermott making any form of complaint to the company’s human resources department in 2019, either verbally or in writing.”
McDermott told the Tribune she helped build Guaranteed Rate’s business in north Jersey from the ground up and said she loved the work until she found out she was not being treated equally as a woman.
“I believe management did not want to see me succeed, didn’t take me seriously and made decisions that negatively affected me and my children financially,” said McDermott, who now works for CrossCountry Mortgage, a competitor. “I ultimately left GR because I could no longer work in an environment where I was not valued and leadership felt that they could exploit me.”
Moschella and Lamkin are still employed at Guaranteed Rate. They did not respond to a Tribune request for comment. Guaranteed Rate told the Tribune in May that it had investigated McDermott’s allegations of sexual harassment and gender discrimination and found that “there is no evidence that Mr. Lamkin or anyone else at Guaranteed Rate ever created a hostile work environment for women.”
Guaranteed Rate also said in a statement that it complies with state and federal equal pay laws. The company said an “outside law firm” had reviewed its 2023 pay data and found it compliant with state equal pay laws.
In his written responses, Ciardelli highlighted the high percentage of female loan officers at the company in comparison to its competitors and said “our women originators thrive more than at any mortgage company in the industry.”
Employee statements provided through Guaranteed Rate’s attorneys included testimonials from dozens of women. Some noted the existence of the company’s employee resource group for women, GROW, while others cited the presence of women in leadership roles throughout the company.
“In addition to my professional growth I’ve experienced, I am equally grateful for the respect and dignity with which I have been treated as a woman in the workplace,” Jaime Kinman, a senior loan officer, said in her statement. “In an industry where gender biases still exist, I have never once felt marginalized or overlooked because of my gender.”
Gurrieri, the company’s chief fulfillment officer, said in an interview with the Tribune that she “never one time” experienced misogyny at the company.
“I got promoted when I’m six months pregnant,” she said. “That’s unheard of.”
Gurrieri, who has worked for Guaranteed Rate for more than six years, described Ciardelli’s leadership style as “extremely passionate.”
“There’s never been a day where I ever felt disrespected or not appreciated,” she said.
According to a former top executive who reported to Ciardelli for many years and a former human resources employee, a handful of loan officers at Guaranteed Rate were known sexual harassers, making women feel uncomfortable with inappropriate touching and unwanted advances in work settings.
But that behavior was rarely addressed, the former workers believed, because the men were friends with Ciardelli or were high-producing loan officers — each responsible for bringing in tens of millions of dollars in loan volume. Some of these loan officers still work at Guaranteed Rate.
Ciardelli called these allegations “simply not true” and said they were contradicted by the employee testimonials provided through the company’s attorney.
“They are also inconsistent with the recollections and experiences of multiple former HR professionals,” Ciardelli wrote.
A ‘sex-driven’ culture
In interviews with the Tribune, multiple former employees described a “boys club” atmosphere at Guaranteed Rate; Scott, the former director of VA lending, said there was “a lot of misogyny.”
Jessica Moreno, a former Chicago employee who started at Guaranteed Rate at age 23, said she was the first in her family to get a corporate job. Within a year of starting her job, she said, she was paying the mortgage on her family home.
But in her department, Moreno said she experienced a “sex-driven” culture.
“All the guys were just like, tongues on the floor,” said Moreno, who worked for the company for about four years starting in 2014. Her workplace was “like a men’s locker room, and women were in it,” she said.
Jessica Moreno, shown in April in Arizona, worked for Guaranteed Rate for about four years starting in 2014. She said male co-workers and managers hit on her and made comments on her appearance. It was “like a men’s locker room, and women were in it,” she said. (Brian Cassella/Chicago Tribune)
Male co-workers and managers would hit on her and make comments on her appearance, calling her pretty, Moreno said. Comments made at Christmas parties or happy hours could be crasser, she said.
“You’ll get, ‘Oh, I’ve always wanted to f−−− you,’” she said.
Moreno said she once overheard a male manager describe a woman who had interviewed for a job as a “fox.” Another time, she said, a manager invited a female massage therapist to the office; Moreno remembers male co-workers commenting on the therapist’s body, too.
Soon after she’d started at Guaranteed Rate, Moreno said, she met with HR to make a complaint about a manager who swore at and belittled her. The HR representative brushed off her concerns in that meeting, she said.
“After that, I felt so discouraged to never even speak up again,” Moreno said.
Moreno ended up leaving her position before taking a job working for a Guaranteed Rate loan officer; she said she was terminated after clashing with the loan officer’s assistant.
Some female former employees of Guaranteed Rate said they understood looks to be a currency within the company.
One former Chicago employee said a manager encouraged her to text a selfie to a client after hearing the client flirt with her over the phone and say he’d be inclined to speed up the loan process if he knew what she looked like.
The employee said she sent the selfie, and the manager then pushed her to go along with the client’s harassment until the loan closed, she said.
After receiving the photo, the client responded, “As pretty as you are I can’t believe some man hasn’t run off with you just howling away,” in a text reviewed by the Tribune. Later on, after sending her forms, the client texted her: “You said I would get another pic when I sent you the forms so?”
The employee said another manager in her division would frequently flirt with her and comment on her appearance. He once texted her to “stop losing weight damn it” and another time texted her that she “broke (his) concentration,” according to texts reviewed by the Tribune.
Another former Chicago employee remembered a manager telling her, while she was pregnant with her first child, “Whatever you do, don’t get a C-section — you’ll never wear a bikini again.” The employee went out on maternity leave days later. She said she did end up needing a C-section and remembers the manager’s comment echoing in her head as she was wheeled back for surgery. Two people the woman told about the incident at the time corroborated her account in interviews with the Tribune.
Several former employees in the marketing department, including two men, told the Tribune Ciardelli made comments about workers’ ages. One employee got Botox and fillers after Ciardelli told employees they were “too old” and likened the marketing department to his “grandmother’s mortgage company,” according to former marketing department employees.
In his written responses, Ciardelli said “Guaranteed Rate is committed to fostering an environment that promotes diversity, equity, inclusion, and accessibility. We maintain a comprehensive set of employment policies aimed at providing a work environment free of unlawful harassment and discrimination, where all employees treat one another with dignity and respect.”
Guaranteed Rate’s corporate headquarters is in Chicago’s North Center neighborhood in a building with a rooftop gathering space. (Brian Cassella/Chicago Tribune)
A spokesperson said in the April 1 email sharing the employee survey results that the company had launched “even more initiatives to ensure we have a positive work environment,” including anti-harassment training, training for the human resources team “to take proper and appropriate steps and best practices for investigating and responding to employee complaints” and reminders to employees on how to report harassment or abuse.
“Our executive team has emphasized to Human Resources that all complaints should be investigated, and any form of harassment and misconduct should be dealt with swiftly – and all managers and employees who are not acting in accordance with our values be rooted out of our organization,” the spokesperson wrote.
In the company’s May responses, it said these initiatives were launched in 2023 and were to “expand and enhance” the existing training program.
All Guaranteed Rate employees must complete “harassment and discrimination prevention training” upon being hired and on an annual basis thereafter, according to the company’s May response. The company said Guaranteed Rate has an “anti-retaliation” policy that prohibits retaliation against employees who report alleged harassment or discrimination or participate in an investigation into the conduct. The company also noted it has an ethics hotline through which employees can make anonymous complaints.
“We respect and treat all employees equally no matter their sex, color, or creed,” Ciardelli wrote.
In the last 10 years, Guaranteed Rate has not settled any lawsuits involving claims of a hostile work environment, according to the company. Guaranteed Rate’s response stated that within that time frame, the company settled six claims involving allegations of a hostile work environment, including arbitration cases as well as claims filed with the Equal Employment Opportunity Commission and state and local agencies. The majority of those claims were brought by male employees, and one was resolved in Guaranteed Rate’s favor, the company said.
Guaranteed Rate employees are asked to sign mandatory arbitration agreements when they are hired, but sexual harassment claims and claims filed with the EEOC and similar state agencies are not subject to arbitration, according to Guaranteed Rate’s May responses.
‘Positive thinking’
Publicly, Ciardelli presents himself as a champion of a positive work environment — an image the company has encouraged employees to promote.
In an email sent in February by a company executive and obtained by the Tribune, employees were encouraged to share a Forbes article featuring Ciardelli; the email provided step-by-step instructions for posting it on social media.
The story, published Feb. 7, was titled “Guaranteed Rate Founder Is All In On ‘Positive Thinking’ This 2024” and described his leadership style as “Chicken Soup for the Mortgage Industry.”
“I communicate the power of positivity and gratitude to everybody around me: employees, friends, family members, everyone,” Ciardelli was quoted as saying.
Less than 24 hours after it went live, the article disappeared from the Forbes website. The site provided no explanation, but one former Guaranteed Rate employee told the Tribune former workers had written to the author about factual inaccuracies.
On Feb. 8, a Guaranteed Rate executive sent another email encouraging employees — again with step-by-step instructions — to delete any social media posts linking to the article.
“We are working with Forbes to resolve and will let you know when it will be reinstated,” the email said. “We apologize for the inconvenience, and we will send out a new link as soon as it’s available.”
The Forbes contributor declined to comment for this story. Forbes told the Tribune the article was taken down because it did not adhere to the company’s “editorial guidelines” and did not respond to further questions.
The article has yet to be republished, but Guaranteed Rate still wants people to read it. The company shared it in a PDF on its LinkedIn page.