Northwestern Mutual Will Help Nearly 2,000 Additional Milwaukee Students Enroll Over the Next Few Years, Advancing Quality Education in the City
Additional commitment of $5.7 million to support 40 Milwaukee-based nonprofits and schools, a bridge loan to Notre Dame School of Milwaukee for expansion of campus, as well as two grants supporting St. Marcus School and St. Augustine Preparatory Academy
MILWAUKEE, Wisc., Aug. 22, 2023 – Northwestern Mutual has long been committed to investing in high-quality education to help close the opportunity gap for Milwaukee-area students. Over the last 25 years, the company has contributed more than $60 million to support these efforts. Today Northwestern Mutual is committing to an additional $5.7 million to support 40 Milwaukee-based nonprofits and schools, which includes a bridge loan to Notre Dame School of Milwaukee and two capital grants to St. Marcus School and St. Augustine Prep. This will help to add an additional nearly 2,000 quality seats to classrooms over the next few years by expanding school campuses.
“Education is a core pillar to the work that we do at Northwestern Mutual. Milwaukee is home to a great number of talented students, and we want to continue to provide them with the foundation for a quality education and opportunities for career advancement,” said Steve Radke, president of the Northwestern Mutual Foundation. “We are thrilled so many additional students will have the opportunity to benefit from the education of these three schools.”
Notre Dame School of Milwaukee, St. Marcus School, and St. Augustine Preparatory Academy are high-performing schools serving students from some of the company’s partner neighborhoods within Milwaukee and recipients of the company’s financial support.
The Northwestern Mutual Foundation is investing in a $2 million bridge loan to Notre Dame School of Milwaukee to help purchase a third campus and increasing the number of high quality education seats, which will serve more than 300 students at the school’s new building over the next few years. The two grants will be issued to St. Marcus School and St. Augustine Prep with $450,000 and $225,000, respectively, adding capacity at the two schools.
Learn more about the schools and the company’s support here: www.northwesternmutual-foundation.com
About Northwestern Mutual Foundation The mission of the Northwestern Mutual Foundation is to improve the lives of children and families in need. The Foundation has given more than $400 million since its inception in 1992 and is designed to create lasting impact in the communities where the company’s employees and financial representatives live and work. We accomplish this by combining financial support, volunteerism, thought leadership and convening community partners to deliver the best outcomes. Our efforts are focused nationally on curing childhood cancer, and locally on education, neighborhoods and making our hometown of Milwaukee a great destination. Visit Northwestern Mutual Foundation to learn more.
About Northwestern Mutual Northwestern Mutual has been helping people and businesses achieve financial security for more than 165 years. Through a comprehensive planning approach, Northwestern Mutual combines the expertise of its financial professionals with a personalized digital experience and industry-leading products to help its clients plan for what’s most important. With more than $558 billion of total assets being managed across the company’s institutional portfolio as well as retail investment client portfolios, nearly $35 billion in revenues, and $2.2 trillion worth of life insurance protection in force, Northwestern Mutual delivers financial security to more than five million people with life, disability income and long-term care insurance, annuities, and brokerage and advisory services. Northwestern Mutual ranked 111 on the 2023 FORTUNE 500.
Northwestern Mutual is the marketing name for The Northwestern Mutual Life Insurance Company (NM), Milwaukee, WI (life and disability insurance, annuities, and life insurance with long-term care benefits) and its subsidiaries. Subsidiaries include Northwestern Mutual Investment Services, LLC (NMIS) (investment brokerage services), broker-dealer, registered investment adviser, member FINRA and SIPC; the Northwestern Mutual Wealth Management Company® (NMWMC) (investment advisory and services), federal savings bank; and Northwestern Long Term Care Insurance Company (NLTC) (long-term care insurance). Not all Northwestern Mutual representatives are advisors. Only those representatives with “Advisor” in their title or who otherwise disclose their status as an advisor of NMWMC are credentialed as NMWMC representatives to provide investment advisory services.
Wisconsin’s landscape is dotted with small towns that are more than just places to call home; they’re communities with stories, character, and a unique way of life. In this article, we’ll take a journey through 13 small towns in Wisconsin, uncovering the local treasures, attractions, and the fun things to do that sets each town apart. From historic downtowns to natural beauty, these towns offer a lifestyle that captures the essence of the Badger State.
1. Plover, WI
Median sale price: $345,000
Walk Score: 60
Plover is a town where nature and community thrive in harmony. The town’s local parks, like Iverson Park and Schmeeckle Reserve, provide spaces for outdoor activities and relaxation. Plover regularly hosts local events, farmers’ markets, and gatherings that bring residents together. With the Wisconsin River nearby, Plover offers opportunities for boating, fishing, and enjoying the environment that surrounds the town.
Homes for sale in Plover, WI
Apartments for rent in Plover, WI
2. Marshfield, WI
Median sale price: $220,00
Walk Score: 88
Marshfield is a hub of health and heritage, where the town’s local attractions celebrate its unique identity. The town is home to the Marshfield Clinic Health System, a leading medical center. Marshfield’s historic downtown, cultural events, and the Central Wisconsin State Fair showcase its distinct spirit.
Homes for sale in Marshfield, WI
Apartments for rent in Marshfield, WI
3. Wausau, WI
Median sale price: $205,000
Walk Score: 85
With its proximity to Rib Mountain State Park and the Wisconsin River, Wausau provides one-of-a-kind experiences for outdoor lovers. The town’s public events, including the Wausau Festival of Arts, celebrate its artistic and cultural scene. Wausau’s blend of outdoor beauty and vibrant arts create an environment where residents can explore nature’s wonders and indulge in creative pursuits.
Homes for sale in Wausau, WI
Apartments for rent in Wausau, WI
4. Waunakee, WI
Median sale price: $550,000
Walk Score: 82
Waunakee exudes a distinct elegance that’s reflected in its well-manicured streets and local attractions. The town’s specialty shops, eateries, and golf courses add a touch of luxury to its character. Waunakee’s popular events, like the WaunaFest, showcase its strong sense of unity and celebration. With its beautiful surroundings and sophisticated charm, Waunakee offers residents a lifestyle that blends refined living with a warm community spirit.
Homes for sale in Waunakee, WI
Apartments for rent in Waunakee, WI
5. Verona, WI
Median sale price: $480,000
Walk Score: 78
Embracing both the scenic environment and innovation, Verona is a place where people enjoy the best of both worlds. The town’s proximity to Epic Systems Corporation, a leading healthcare software company, adds a layer of modernity to its personality. With its beautiful parks, rolling hills, and a blend of progress and tradition, Verona offers a lifestyle that’s as exciting as it is dynamic.
Homes for sale in Verona, WI
Apartments for rent in Verona, WI
6. Baraboo, WI
Median sale price: $265,000
Walk Score: 88
Baraboo celebrates history and natural beauty in every corner, where the town’s historic downtown and the Circus World Museum capture its unique heritage. Events like the Big Top Parade bring residents and visitors together in festive celebration. Baraboo’s proximity to Devil’s Lake State Park and the Baraboo River offers opportunities for outdoor recreation and exploration.
Homes for sale in Baraboo, WI
Apartments for rent in Baraboo, WI
7. Hudson, WI
Median sale price: $457,000
Walk Score: 76
This small town in Wisconsin is described as a cozy hideaway with a cool twist. Hudson sits right by the St. Croix River, providing locals the freedom to go boating, fishing, and enjoy stunning views. You can wander through downtown to visit quirky shops and cafes, or dive into the memorable arts scene. When you’re feeling outdoorsy, hit up the parks, join in the fun at their festivals, and just soak in the laid-back, friendly feel of Hudson.
Homes for sale in Hudson, WI
Apartments for rent in Hudson, WI
8. Chippewa Falls, WI
Median sale price: $245,000
Walk Score: 85
Chippewa Falls is a town of craftsmanship and nature, where local breweries, artisan shops, and the Leinenkugel’s Brewery celebrate its rich brewing heritage. The town’s proximity to Lake Wissota and the Chippewa River offers opportunities for water-based activities and outdoor adventures. Additionally, Chippewa Falls’ community events, like the Pure Water Days Festival, showcase its spirited atmosphere.
Homes for sale in Chippewa Falls, WI
Apartments for rent in Chippewa Falls, WI
9. Holmen, WI
Median sale price: $410,000
Walk Score: 61
This town might not be on everyone’s radar, but it’s a hidden gem with a relaxed atmosphere.. Holmen is all about that small-town friendliness – you’ll feel like you’re among friends from the moment you arrive.
Holmen’s closeness to the Mississippi River and the Upper Mississippi River National Wildlife and Fish Refuge adds an element of serenity to daily life. If you’re into the great outdoors, Holmen’s got your back with nearby hiking trails and parks that make you want to grab your sneakers and go explore.
Homes for sale in Holmen, WI
Apartments for rent in Holmen, WI
10. Sparta, WI
Median sale price: $223,00
Walk Score: 74
With the nickname, the “Bicycling Capital of America,” it’s not a surprise that Sparta has a deep-rooted cycling culture. The Elroy-Sparta State Trail and the La Crosse River State Trail offer opportunities for scenic biking adventures. Sparta’s public events, like Butterfest, provide locals the ability to make strong connections with their neighbors. With its commitment to healthy living and a close relationship with nature, Sparta offers a lifestyle that’s active, engaging, and invigorating.
Homes for sale in Sparta, WI
Apartments for rent in Sparta, WI
11. Tomahawk, WI
Median sale price: $183,000
Walk Score: 68
Tomahawk is a town of lakeside charm, where the town’s proximity to Lake Mohawksin and the Wisconsin River provides the public the chance to try their hand at sports like water skiing, kayaking, and fishing. The town’s popular events, like the Harley-Davidson Tomahawk Fall Ride, celebrate its unique identity. Tomahawk’s scenic surroundings and friendly atmosphere create a haven where residents enjoy the simple pleasures of lakeside living.
Homes for sale in Tomahawk, WI
Apartments for rent in Tomahawk, WI
12. Spooner, WI
Median sale price: $255,000
Walk Score: 60
Offering people a retreat amidst the beauty of the Northwoods, Spooner is perfect for those seeking a slower pace of life. The town’s local parks, like Railroad Park, provide spaces for outdoor activities and reflection. There’s always something to do in Spooner, like visiting its many farmers’ markets, and cozy cafes. With its access to Spooner Lake and the nearby Namekagon River, it’s no wonder why this town is so loved by its residents.
Homes for sale in Spooner, WI
Apartments for rent in Spooner, WI
13. De Pere, WI
Median sale price: $360,000
Walk Score: 84
De Pere is a town that bridges the past and the present, with its historic downtown and modern amenities. The town offers an array of engaging activities, including walks along the Fox River, visits to local cafes, and the chance to indulge in live musical performances at the esteemed Cup O Joy. Moreover, De Pere’s extensive network of nature trails and well-maintained parks provides an inviting setting for picnics and leisurely afternoons.
Homes for sale in De Pere, WI
Apartments for rent in De Pere, WI
Wrapping up small towns in Wisconsin
Wisconsin’s small towns are a treasure trove of character and charm. From scenic riverfronts to historic downtowns, each town offers a unique glimpse into the heart and soul of the Badger State. Whether it’s the tranquility of nature, or the blend of history and innovation, these towns paint a vivid picture of life in Wisconsin, where every corner holds a story waiting to be discovered.
Talk of another housing bubble is not new. In fact, pundits have been fretting about another bubble for over a year now thanks to rapidly rising home prices, with Las Vegas and Phoenix already considered to be bubble markets.
That’s the problem with good news – eventually the pessimists come out and somehow turn it into bad news.
Every quarter, real estate lister Trulia releases its “Bubble Watch” report, which reveals whether home prices are undervalued, overvalued, or just right.
No National Housing Bubble, Yet…
On the national level, the company believes home prices are still undervalued, although not by much.
During the first quarter, they said national home prices were 5% undervalued, which means we aren’t in a nationwide bubble.
However, one quarter ago national home prices were 6% undervalued, and a year ago they were 10% undervalued.
So you can see how quickly we can go from undervalued to overvalued, and eventually to full-blown bubble status.
But with home price appreciation finally moderating, we might be able to buy a little more time before the sky falls again.
For the record, national home prices reached a bubblicious high in the first quarter of 2006, when they were 39% overvalued, before crashing to a low of 15% undervalued in the fourth quarter of 2011.
Local Housing Bubbles Are Forming, Mainly in California
That’s the national outlook, but what about local housing markets? Well, those are a mixed bag, per usual, though there is growing concern in some regions, namely California.
During the first quarter of 2014, 19 of the largest 100 metros were classified as overvalued. That’s the highest number since the fourth quarter of 2009.
Additionally, home prices were overvalued by more than 10% in four large metros, the highest total since late 2009.
Still, it’s nowhere near as bad as the height of the previous boom when all 100 metros were overvalued, with a staggering 91 by more than 10%.
Let’s talk about the new bubbles, all of which happen to be in my neck of the woods. The worst one is in Orange County, California, aka mortgage central.
Home prices in the OC were 16% overvalued relative to their fundamentals in Q1 and asking prices were up 16.9% year-over-year.
Los Angeles, CA wasn’t far behind, with prices seen as 13% overvalued in the first quarter. Asking prices were up 18.9% year-over-year, so clearly homeowners aren’t shy about asking for a little bit more.
Honolulu (13% overvalued), Austin (11% overvalued), and Riverside-San Bernardino, CA (10% overvalued) rounded out the top five most overvalued metros.
Another three of the top 10 overvalued metros can be found in California, including San Jose (+8%), San Francisco (+7%), and Ventura County, CA (+6%).
The Golden State is decidedly bubbly, with eight of the 11 largest metros in California now deemed overvalued, with Bakersfield, Fresno, and Sacramento the lone exceptions.
Where Homes Are Still Pretty Cheap
If you’re looking for a deal, there are still places where homes are cheap relative to their historic norms.
You’ll want to look first in Detroit, Michigan, where home prices are still 20% undervalued.
Nearby Lake County-Kenosha County, IL-WI is also having a sale, with homes 18% undervalued, similar to homes in Cleveland and Toledo, Ohio.
If you’re not a fan of cold weather, head south to the Palm Bay-Melbourne-Titusville, FL metro where prices are 17% undervalued.
Comparable discounts are available in Memphis, Hartford, Chicago, and certain parts of Connecticut.
The takeaway is that a normal housing market will always have areas that are overvalued and undervalued, which is why the experts say to pay attention to your local market, and less so the national story.
And you certainly need to “go local” when determining if it’s the right time to buy or just keep on renting.
In the meantime, let’s enjoy the recovery. We can all start worrying when home prices in every major metro are overvalued (or at least half of them), which they clearly are not.
Cruising is a huge industry, so it makes sense that the Mediterranean Shipping Company (MSC) — which started out shipping cargo — got in on the venture in 1988 with the purchase of its first cruise ship. Since then, the company has been steadily growing, adding new ships and destinations to its thriving cruise line.
Although it’s headquartered in Switzerland, you’ll find MSC cruises all over the world, including throughout the United States. Let’s take a look at MSC’s cruises, where they sail and what to expect when you’re aboard.
About MSC cruises
Here’s a quick overview of some of MSC’s key features.
Package types: There are three levels of experience to choose from on MSC. Bella is the least expensive, while Fantastica allows you to get free in-room breakfast and select your room type. Aurea is MSC’s top-tier package and includes access to exclusive amenities, as well as additional discounts and dining privileges.
Cabin types: On MSC ships you’ll find the standard cruise ship cabins, including interior, ocean view, veranda and various types of suites.
Main U.S. routes: MSC has only a handful of departure ports from within the U.S. Most of its routes depart from Miami to the Caribbean and the Bahamas.
Points currency and loyalty program: The loyalty program of MSC is called the Voyager’s Club. Points are earned for the cruises you take and the money you spend while on board.
MSC cruise destinations
You can find MSC cruises all over the globe, including the Caribbean, Canada, New England, the Mediterranean, the Middle East, Northern Europe, South Africa, South America and Asia. There are also worldwide cruises that sail to several regions around the globe.
MSC’s worldwide cruises come in as the longest trips, with itineraries lasting as many as 127 nights. Meanwhile, the cruise line’s shortest options include weekend trips to the Bahamas sailing for just two nights.
MSC cruise prices
The reviews of MSC Cruises will likely mention the price of your trip, which is often cheaper than comparable trips on other popular cruise lines. Of course, the total cost will vary based on the trip duration, time of year and what kind of room you select. The least expensive options you’ll find are on short Mediterranean cruises, which can cost as little as $119 per person.
Prices are also affected by the dates that you’re traveling. A three-night cruise to the Bahamas can cost as little as $149 per person, but that same trip can cost up to $349 per person during periods of high demand.
As you’d expect, the most expensive cruises on MSC are the longest. For example, the 127-night World Cruise costs $21,929 per person.
What is the best MSC ship?
There are a total of 23 ships in MSC’s fleet. According to U.S. News, the best MSC ship is the MSC Bellissima. Launched in 2019, the ship boasts a full-sized bowling alley and multiple pools, along with an array of restaurants, a spa and live entertainment. The ranking was calculated using a mix of user reviews and health ratings.
What is the newest MSC ship?
The MSC World Europa, MSC’s newest ship, officially debuted at the end of 2022 in Qatar. This ship features more than 2,600 cabins, 33 restaurants and six swimming pools.
What’s included in an MSC cruise
MSC’s cruise packages are on par with other mid-tier cruise lines. No matter what package you purchase, all food and entertainment is included, as is access to the main parts of the ship. This includes pools, the buffet restaurant and a nightly seated dinner.
If you purchase a higher-end package, you’ll be able to enjoy more amenities. The Fantastica experience, for example, includes free room service delivery for breakfast. The top-tier Aurea package includes complimentary room service for all meals.
Neither Wi-Fi nor specialty drinks are included as part of the base price, but they can be purchased separately. The drink package has a range of options, including non-alcoholic drinks such as soda and different types of alcohol.
MSC loyalty program: Voyager’s Club
Voyager’s Club is the loyalty program for frequent MSC cruise passengers. There are four levels in the program, and each has its own benefits.
Voyagers Club levels
The Voyager Clubs levels are Classic, Silver, Gold and Diamond.
Classic
How to earn: Classic membership is earned by going on at least one MSC cruise or having a confirmed booking on an upcoming cruise. This tier is for members who have between 1 and 2,199 points.
Best benefits: 5% discount on future cruises, discounts on packages.
Silver
How to earn: Earn 2,200 to 4,299 points.
Best benefits: $50 onboard credit per person on cruises booked at least nine months before departure, double points for cruises booked more than 12 months in advance.
Gold
How to earn: Earn 4,300 to 9,999 points.
Best benefits: One hour of complimentary thermal area access, priority disembarkation, complimentary photos.
Diamond
How to earn: Earn 10,000+ points.
Best benefits: Complimentary tasting dinner, one free dance lesson, complimentary slippers and bathrobe, priority embarkation and disembarkation.
How to earn Voyager Club points
There are two ways to earn Voyager Club points. First, you’ll earn a set amount of points for taking a cruise — the specific amount will depend on the length of the cruise and the experience level you choose. Second, you’ll earn points for the activities you pre-purchase and for any onboard expenses that you incur.
Frequently asked questions
Does MSC have free Wi-Fi?
Wi-Fi is not included in MSC’s basic fare. There are different packages available to those who are sailing which can be purchased before you travel or during your cruise. MSC doesn’t publish its Wi-Fi package pricing online, but for example, you can expect to pay around $270 for a two-device upgraded Wi-Fi package on a seven-day cruise with MSC Seascape.
Is MSC all-inclusive?
MSC cruises are not entirely inclusive, though they do provide a lot with your base package. This includes your cabin, food, live entertainment, port stops and coffee, tea and water. They don’t include specialty drinks such as soda or alcohol, nor do they include Wi-Fi or any port excursions you’d like to go on.
How much is the MSC drink package?
MSC Cruises reviews will let you know that MSC allows passengers to add on a drink package to their cruise. The price will vary depending on your actual cruise, as well as the type of package that you choose. There are five types of packages available: Easy, Easy Plus, Premium Extra, Alcohol-free and Minors.
Expect to pay anywhere from $20 to $88 per day for any drink packages that you purchase.
Does MSC require a COVID vaccine or test?
Whether or not you’ll need a COVID vaccine or COVID test while sailing on MSC cruise lines will depend on where you’re going. For cruises leaving from the United States, you don’t need either. However, you will need to provide other personal information, such as your name, address and date of birth.
(Top photo courtesy of MSC)
How to maximize your rewards
You want a travel credit card that prioritizes what’s important to you. Here are our picks for the best travel credit cards of 2023, including those best for:
Inside: Are you moving into your first apartment? Planning a move can be daunting, but with this checklist, everything will be ready for your bed and bathroom you arrive. From a mattress, pots and towels to cleaning supplies and furniture, this list has it all. This is a huge deal!
Moving into your first apartment is an exciting time!
You’re finally out on your own, and you get to decorate and furnish your space however you want.
But before you can start shopping for all the cute home décor, there’s one very important task that needs to be taken care of first: creating a First Apartment Checklist.
This comprehensive checklist will ensure that you don’t forget any essential items when furnishing your new place. From kitchen supplies to bathroom necessities, we’ve got you covered.
So what are you waiting for? Let’s get started!
My First Apartment Mistakes
Moving into your first apartment indeed marks an exciting milestone in life.
However, it is also a moment of awakening when realizing that filling the apartment with all the necessities is not child’s play. My lesson learned the hard way.
It requires great planning and acute mindfulness of one’s budget. While the thrill of setting up your own place can easily lead to overspending, it’s important to keep the budget in check and be judicious about your purchases.
Here are some aspects to consider:
It’s easy to forget that there’s a huge list of big and small things you’ll still need to buy to fully equip your space. However, the keyword here is “need” and not “want”. I should have been better at differentiating between what is absolutely necessary for your immediate living situations and what can be procured later.
Define what you can spend right away by considering the moving costs and other related expenses. After setting the budget, the next most important step is to stick with it. You will be tempted to stretch your limit, but remember that financial restraint is key.
Moreover, remember that you don’t need to get everything right away, certain things can wait. Spend wisely, and stick to immediate needs. You might be surprised to find out that some items you thought were essential, in fact, can be comfortably lived without.
Your home is meant to give comfort, not financial stress.
The above statement is a lesson that stick with you for a long while. Keeping track of your expenses and making wise decisions can help establish your first apartment without breaking the bank.
Learn is $5000 enough to move out?
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Big Items for Your First Apartment Checklist
You’re finally out of your parents’ house and ready to start your own life. Congrats!
This is an important step when you want to move out at 18.
Moving into a new place is both exciting and daunting. To help you make sure you have everything you need for your new digs, we’ve put together a first apartment checklist of all the big items you’ll need to buy.
This is where to focus your money or look to find free items.
1. Mattress
Living in your first apartment?
Do not underestimate the importance of a good mattress.
It’s the foundation for quality sleep, which is crucial for your health and daily performance. Investing in one is non-negotiable even if budget is a constraint.
Personally, this. is the one item I would say to buy new! Thankfully you can find affordable mattresses now.
2. Bed Frame & Headboard
You may be tempted to skip the bed frame in your first apartment, but it’s a key piece that offers myriad benefits.
In full honesty, I didn’t get a headboard for my mattress until well after I was married. But, it was one small thing that made me happy.
Popular bed frame options vary in price from $60 for a simple metal frame to over $200 for wooden or upholstered models. Make sure to evaluate your needs and budget before buying.
3. Couch
Your first apartment is exciting, and the right couch can really set the tone. It’s not only a seating arrangement but also a place for relaxing, entertaining, and unleashing your personality.
When setting up your first apartment, you might be conflicted about whether to buy a new couch or look for a used one. Here are some factors to consider:
For those living by themselves:
A new couch can be a significant investment, but it is worth the cost if you value personal comfort, hygiene, and aesthetics.
Utilize discount stores to find quality furniture that is within your budget. A new couch often comes with warranties or protection plans that can give you peace of mind for any potential repairs or damages.
Investigate measurements and delivery options thoroughly to ensure your new couch comfortably fits your apartment layout.
If you are planning to live with a roommate:
You can consider getting a used couch. This is a great way to cut costs during a time when budgeting and saving money are important.
To make sure the couch you’re acquiring is clean and pest-free, buy or get it for free from trusted sources. Friends or family are often the best people to approach when looking for used furniture.
Look into garage sales or online platforms like Craigslist for options. However, always inspect the couch thoroughly before purchasing it from these sources.
Whether you choose new or used, ensure that the couch fulfills your needs.
4. End Tables and Lamps
End tables and lamps are essentials you need in your first apartment. They offer functionality along with a touch of class to your space.
There are many reasons why they should be on every first apartment checklist.
Versatility: Side tables can be used in various ways, from serving as a coffee holder, providing a place for books and magazines, or showcasing photo frames and indoor plants. It can also function as an extension of your workspace when you need to create an impromptu office setup.
Convenience: Having a side table next to your bed or sofa allows you to have important items within easy reach. This may include your phone charger, eyeglasses, or remote controls.
Decorative Value: Side tables contribute to the aesthetic appeal of your living space. They come in different styles, shapes, and designs that can complement various types of interior décor themes.
More than likely with lamps, you will notice where you need them the most after you move. So, it is okay to wait and buy them.
5. Dining Room Table
Your first apartment isn’t complete without a dining room table. It’s the multi-tasking hero of your living space, essential for meals, socializing, and possibly working or studying.
Finding the right dining room table for your apartment can be a fun and rewarding experience. However, it may be daunting for some, given the myriad of options available in the market.
Here’s a step-by-step guide to help you find your ideal fit:
Determine the Size Needed: The first step in finding the right dining room table is to measure the space it will occupy. Knowing the size helps narrow down the options and ensures a comfortable fit. Consider the number of people you plan on hosting on a regular basis – that should dictate the size of the table you need.
Consider the Shape: Dining tables come in various shapes, including square, rectangle, round, and oval. Identifying the shape that suits your space and lifestyle is crucial. Rectangular tables are the most common, but circular ones are great for maintaining an intimate dining experience, while an oval one can be a middle ground between a square and a round table.
Decide on Style: Whether you lean more towards a modern, contemporary, or rustic look, there are countless styles of dining tables to choose from. Ensure that the style of the table resonates with the rest of your home decor for a harmonious look.
Remember, choosing the right dining table is a balance of both form and function. Considering these aspects will surely help you find the dining room table that fits your lifestyle and space.
A good friend of mine had great luck finding a dining room table at a Restore resale shop. Something to definitely check out!
6. Kitchenware
Moving into your first apartment often comes with the challenge of equipping your kitchen efficiently.
To help guide you in making thoughtful purchases without breaking the bank, here are some important kitchen items you should consider investing in.
Basic Cooking Equipment: A Starter kitchen at the bare minimum requires at least two pots and a frying pan. These should be supplemented with necessary cooking utensils like a ladle, spatula, whisk, etc. You also need a high-quality knife set, at least one cutting board, and measuring cups and spoons to help you prepare and portion your meals accurately.
Food Storage & Serving Items: Get microwave-safe food storage containers to store leftovers efficiently. Additionally, invest in a good set of plates, bowls, glasses, and coffee mugs.
Countertop Appliances: While these can be a bit costly, consider getting a microwave, an InstantPot, and a coffee maker. These can vastly simplify and speed up your daily meal prep.
These are the basic items for a minimalistic kitchen.
7. Patio Furniture
Patio furniture can be an excellent cost-effective addition to your first apartment. Often overlooked, patio furniture can provide advantages for a first-time tenant:
Getting patio furniture as hand-me-downs or buying used ones can save you lots of expenses.
Plus patio furniture can be easily refurbished or painted to match your apartment’s interior design. You can showcase your creativity and add a personal touch without spending much.
8. Grill
One must-have in your first apartment is undoubtedly a grill. Nothing beats the flavor of a good grill and it’s perfect for friendly gatherings or quiet evenings.
Having a grill can add a sense of fun and adventure to your living situation. It allows for new culinary experiences and outdoor entertaining, especially during warmer months when you can have a delightful barbecue party in your yard or balcony.
Grilling can also act as a social catalyst. Whether it’s a relaxed summer evening cookout with neighbors or a gathering of friends for a sporting event, grilling can bring people together in a fun and casual way.
Thanks to websites like Craigslist, eBay, and Facebook Marketplace, second-hand grills in good condition are often available locally and at a much lower cost than brand-new grills.
9. Storage Items
Stepping into your first apartment, huh? The organization will be your closest ally.
Crisp and neat storage items can help you stay clutter-free and make your space feel like home.
This is something I would wait to buy until you are in your space and know what you need. There are so many storage ideas and organization items.
10. Decor
Making your first apartment feel like home is both exciting and challenging. Decor plays a crucial role, transforming an empty space into a cozy, personal refuge.
You want the decor to reflect your style, but the cost may be more than you can afford.
Enter thrift shopping for some of your favorite items.
You can always splurge on that one item you want!
How do I prepare for my first apartment?
Getting your first apartment can be incredibly thrilling, but let us guide you through a smooth transition.
Before making any purchases, it’s critical to create a budget that takes into account moving costs and other associated expenses.
Additionally, make a checklist of essential items to ensure a smooth move, but remember to prioritize immediate needs as some items may not be necessary initially.
Being prepared and methodical about your approach can help significantly in making your first apartment feel like home. It’s all about spending wisely and sticking to your plan.
First Apartment Checklist for Bedroom
Ready to move into your first apartment and need help setting up your bedroom?
This checklist will ensure you won’t miss any essentials.
Bed: Choose a full or queen-size bed to maximize space.
Mattress: Select the right firmness for your sleep style. Don’t forget a mattress pad and bedding.
Nightstand: You need this to place essentials like a reading lamp and a glass of water.
Dresser: An essential piece of furniture for your clothing storage.
Lamp: A softer lighting option for your bedroom. Don’t forget light bulbs!
Closet Organizers: Invest in baskets or cloth storage cubes for easy organization.
Desk and Chair: A small workspace if your room allows. Opt for a stool or folding chair to save money.
Remember every space is unique, tailor this list to your needs and budget.
First Apartment Checklist for Kitchen
As you embark on your solo living adventure, setting up your kitchen shouldn’t be a brain tease.
Here’s a lifesaver list of must-haves:
Remember, your kitchen is not just for cooking, but for hosting toasts and storing eats. Cheers to your new apartment kitchen!
First Apartment Checklist for Living Room
When setting up your first apartment living room, remember to shop for these essential items:
A Cool Lamp or Two: Lighting is crucial. Pick unique lamps that add both light and character to your space.
Side Tables: Grab a couple; these provide additional surfaces for decorations or mugs of tea.
Storage Solutions: Think TV cabinets or bookshelves where you can neatly store your belongings.
Extra Seating: More seats for more guests.
Window Treatments: Curtains or blinds not only offer privacy but can also tie a room together.
Decorative Pillows and Throw Blankets: For aesthetics and comfort.
Decor Items: This includes wall art, picture frames, coffee table books, houseplants, candles and vases. Make your space you.
Be smart in your selections, ensuring each item marries functionality with aesthetics. Holistic harmony is key in a living space.
Technology for Your First Apartment
In today’s digital era, modern apartments are nearly incomplete without a range of essential tech items.
These add convenience, entertainment, and a sense of security to your cozy abode.
Smart TV: This is essential for entertainment and relaxation. It can be a source of news, sports, movies, and shows that make your apartment a much more enjoyable living space.
Roku Stick: If you opt for a basic TV, then these devices enable you to stream content like Netflix, YouTube, and Hulu directly to your TV. This is much needed if you prefer digital streaming over traditional network channels.
Computer / Laptop: This is useful for work, learning, entertainment, and communications in the current digital era. It helps you stay connected to the world and perform various tasks easily.
Wifi Router: A Wi-Fi router is a must-have in this age as it provides an internet connection for all your devices. It enables you to stay connected to the world, shop from home, stream entertainment, or work remotely.
Chargers: Chargers for phones, laptops, and other electronics are essential. They keep your devices powered up and ready for use at any moment.
Speakers: They enhance your entertainment experience by providing high-quality sound for music, TV shows, and movies. They can also be useful for work or study, for instance when participating in video conferences or online courses.
Thankfully prices have dropped significantly on TVs since I bought my first one!
First Apartment Checklist for Bathroom
One key area to consider is your bathroom – it’s essential to have all the basis to make your daily routines smooth and simple. Here’s what you’ll need:
Cleaning Your First Apartment
Ready to take that first crucial clean sweep in your very first apartment? Here’s how you’ll nail it!
Start with unpacking your cleaning essentials, preferably even before you start arranging your furniture. This will make it easier to spot dust, stains, and dirty spots that are usually hidden.
Now, let’s dig into your basic apartment clean-up kit:
Honestly, these frugal green items are perfect to keep things clean and on budget.
Things you need for an apartment that you wouldn’t think of
Moving into your first apartment is an exciting milestone, but it’s also full of small details that are easy to overlook.
Some essential items might not make it on your moving checklist, leaving you scrambling on your first day in your new place.
Basic Handyman Tools: A Leatherman or small toolkit is essential for assembling furniture and making minor repairs.
Hangers: You’ll need more of these than you think for your wardrobe.
Extension cords and surge strips: You’ll need these to plug in all your electronics in spaces with limited outlets.
Drawer organizers: Helps keep your belongings categorized and easy to find. Especially important in small spaces where efficient storage is key.
Flashlight: You never know when a power outage may happen. A flashlight is a crucial tool for safety and navigation in the dark.
Batteries: Handy for various gadgets like remote controls, flashlights, and smoke detectors.
First aid kit: Accidents can happen anywhere, and having a first aid kit handy can make dealing with minor injuries easier and more efficient.
Light bulbs: Essential for maintaining good lighting in your apartment. You don’t want to be left in the dark when a bulb burns out.
Matches and/or lighters: Useful not only for candles and gas stoves but also a necessity in case of a power outage.
Pen and paper: Although we live in a digital age, pen, and paper are still handy for jotting down quick notes, lists, or reminders.
Fire Extinguisher: Better to be safe than sorry!
Carbon Monoxide Detector: Extremely important to have in your apartment
Duct Tape: It solves every DIY project – while almost any.
Security Cameras: It bums me out completely to add this to the list, but in today’s society it is a must-have.
Renter’s insurance is instrumental for various reasons
It provides financial protection in case of unforeseen circumstances like theft, damage due to disasters like fires, or liability if someone gets hurt in your apartment.
Additionally, considering the value of electronics, furniture, clothing, and other personal belongings, investing in renter’s insurance helps safeguard one’s possessions, making it invaluable, especially for first-time renters.
How do I budget for my first apartment?
Managing your expenses while moving into your first apartment is crucial since it’s usually an expensive endeavor with many large and small essentials needed to fully complete your home.
Having a budget not only helps you to control your finances effectively but also assists in prioritizing immediate needs, avoiding unnecessary items, and managing moving costs and related expenses.
Step 1: Make a Budget
Budgeting is, unquestionably, a crucial strategy to manage your personal finances efficiently, particularly while setting up a new apartment.
Begin by detailing your annual net income.
Subsequently, list down all your essential expenditures, such as food, household supplies, phone bills, car payments, credit card bills, clothing, transportation costs, internet charges, healthcare expenses, school loans, and entertainment.
Don’t forget to add a section for “miscellaneous” to cover any unanticipated expenses.
Make sure your expenses are less than your income.
While rent will be your biggest expense, you want to make sure you can truly afford the amount without going broke.
If you observe that your expenses are relatively high, it’s time to analyze your spending patterns and cut down on unnecessary spending.
Step 2: Save Money
Saving money and living frugally requires strategic thinking and discipline.
Honestly, the simplest thing you can do is to set aside 20% of your income each paycheck. That will ensure you are on your way to becoming financially independent.
Simply remember, frugal living doesn’t equate to deprivation, it’s about making informed choices to optimize your resources.
The 100 envelope challenge is extremely popular!
Step 3: Start a Side Hustle
Side hustles can be a flexible and rewarding way to supplement your income, and they’ve become much more popular in recent years.
Manage your time wisely and ensure the side hustle is something you enjoy or are passionate about. It should be a source of additional income without causing stress or burnout.
Here are ways to make money online for beginners.
First Apartment Tips
Embarking on the journey of renting your first apartment can be both exciting and daunting, hence having some essential tips can be quite handy.
1. Make a list of apartment essentials
A list of apartment essentials plays a crucial role, particularly for first-time movers.
The benefits and significance cannot be overstated. Here’s why:
Prevents Overspending: Moving into a new apartment is already expensive. There are lease deposits, rent due, utility set-ups, and other hidden expenditures that can easily catch first-time movers off guard. Having a list of apartment essentials can keep your spending in check, ensuring that you only purchase what’s necessary and avoid unnecessary or impulsive purchases.
Minimizes Stress: The task of moving can be overwhelming, and missing essential items only adds to the stress. A well-thought-out list can not only help you keep track of what you’ve already acquired but also what you need to purchase or source.
Ensures You’re Prepared and Organized: By carefully creating an apartment checklist, you’re ensuring that you have everything you need in your new home, from cleaning supplies and toilet paper to the necessary items for your furry friends.
Saves Time: A concise and focused list saves you time by clearly stating what needs to be acquired, allowing you to focus on other important matters related to the move.
Follow this approach, and you’ll have a comfy, well-equipped apartment in no time.
2. Consider your budget
Experts advise rent shouldn’t exceed 25-30% of your income. But, don’t forget to include your other costs like food, bills, loans, etc
Remember, your dream apartment isn’t worth it if it’s a financial nightmare. Think smart, save hard, and enjoy your new home’s comforts without breaking the bank.
Learn the ideal household percentages.
3. Research apartments
Researching apartments requires careful consideration of numerous factors such as the proximity to vital facilities like workplaces, grocery stores, hospitals, and entertainment joints.
Try to physically tour potential residences where possible to examine amenities and gauge the atmosphere of the neighborhood.
Don’t forget to make inquiries and view the apartment personally or through a floor plan, all these will help you make a wise decision.
4. Check apartment listings for features and amenities
When searching for the perfect apartment, consider features and amenities that align with your lifestyle.
If there is a sym space, you could eliminate your monthly gym membership.
Just make sure the cost of the upgraded amenities is worth the price tag.
While checking apartment listings, ensure to evaluate the location, amenities, available space, and physical integrity.
5. Think about the size and layout of the apartment
Understanding the size and layout of your new apartment is crucial before you start styling and furnishing it.
Acquire a floor plan from the apartment management, and if possible, tour the apartment physically to note the positioning of rooms, doorways, hallways, and stairwells. Take measurements of these areas and visualize the kind of furniture and fixtures they can accommodate fittingly, taking into account maneuverability around corners as well.
Moving to your first apartment is exciting, yet demands careful consideration of the size and layout.
6. Look for apartments with good security
When you’re hunting for your next apartment, don’t forget to check out its security features. This is crucial for your peace of mind.
Ensure the apartment is in a safe neighborhood, close to amenities like hospitals or public transport.
Ask if the apartment complex has features like controlled access gates, security guards, and CCTV surveillance.
Check the apartment for proper alarm systems, well-functioning locks on doors and windows, and that fire safety measures are in place.
Verify the cell phone reception inside the apartment for any emergency calls.
Lastly, always ensure that the parking area is secure and well-lit.
Remember, your apartment isn’t just a place, it’s your sanctuary. It should feel like one, too.
7. Make sure you get a good deal
Before signing a lease, it’s crucial to ensure the rent price is a good deal.
According to the U.S. Census Bureau, the median gross rent from 2015-2019 was approximately $1,097 per month.
8. Talk to the management and make sure you understand the rules
Get to grips with your apartment’s rules by thoroughly reading your lease. Take note of any restrictions, and don’t fear to ask for clarifications. Data indicates that understanding lease terms significantly reduces tenant-landlord conflicts.
It is important you understand your lease as it is a binding contract.
First Apartment Checklist PDF
Moving into your first apartment is exciting but daunting. The First Apartment Checklist PDF helps simplify the process.
Take it at your own pace—don’t rush. This is your journey to your new home. Enjoy!
FAQ
Moving into a new apartment can be quite exciting yet daunting. It’s crucial to carefully inspect the space to ensure it meets your needs and is in optimal condition.
Check the overall cleanliness. Despite initial cleaning, apartments often accumulate dust while vacant. Ensure you have cleaning supplies handy to tackle any overlooked dirt or grime.
Inspect the utilities. Ensure the availability of necessary technology setups and provisions for all your electronic gadgets. And make sure no wires are hanging from the ceiling.
Verify the safety features. Always have a working lock on the door as well as a well lit entrance.
Examine appliances. Make sure essential household appliances like washers, dryers, and a dishwasher are provided and in working condition.
The comfort and safety of your new apartment rely hugely on these checks.
When determining how much you should spend on rent, it’s generally suggested that your allotment should be no more than 25-30% of your after-tax income.
For instance, if your yearly income after taxes is $40,000 per year, your rent should be about $833-$1,000 per month.
Keep in mind, this amount should cover:
Your rent
Utilities (unless they’re included in your rent)
Rental insurance
It’s essential to create a realistic budget by considering your other necessary expenses like food, transport, healthcare, and entertainment. If needed, find ways to cut some of these costs to afford your dream apartment.
Now Get Moving with your Apartment Shopping List!
In conclusion, creating and managing a first apartment checklist requires a judicious mix of prudence and patience.
It’s an exciting journey of setting up your first independent space but it’s also a test of properly managing your resources without compromising on your basic needs.
It’s crucial to remember that you do not need to get everything at once, and it’s okay to take your time to gradually fill your apartment.
Remember, be mindful of your budget and prioritize based on your specific needs and preferences.
And don’t forget, you’re not just setting up an apartment, you’re creating your own unique sanctuary.
With patience and careful planning, you’ll soon have an apartment that’s not only functionally equipped but also a reflection of your personal style. The experience, in the end, will prove to be as rewarding as it is educational.
Know someone else that needs this, too? Then, please share!!
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Now that you’re thinking about Arkansas, it’s time to figure out whether you can afford it. Overall, the cost of living in Arkansas is relatively low, creating many cities that are quite affordable. Among the urban centers of the state, you also have huge patches of less densely populated areas. You can find a rural community just as easily as move into a city.
The state also provides a winning combination of outdoor activity, art and culture. You can hit a museum one day and hike the next. With Arkansas’ central location, it’s also easy to take off on weekend trips to explore neighboring states.
Living in Arkansas could very well be in your budget. To start though, let’s look at the average prices in a few key areas, including:
Arkansas housing prices
Housing in Arkansas is extremely reasonable. Most cities are considerably below the national average, giving you more freedom when it’s time to search for a place to call home.
Conway
Sitting in the center of Arkansas, Conway is a developing city that hasn’t lost any of its small-town charms. With a strong sense of community, the city boasts very affordable housing at 28.7 percent below the national average. This is great news for the influx of college students that show up each fall to attend the University of Central Arkansas and other higher education institutions.
On the rental front, apartments are very reasonably priced. One-bedroom apartments are up 2 percent over last year, but still have an average monthly rent of $675. Two-bedroom apartments only increased by 7 percent. Their average monthly rent is just slightly higher at $850.
Home prices are also priced well, even after seeing a growth of 17.1 percent over last year. The median home price in Conway is $236,500.
Hot Springs
Known best as a touristy, resort town, Hot Springs has a smaller number of full-time residents, but never feels too empty thanks to all the visitors. At the height of tourist season, Hot Springs has an extremely urban vibe. For those that do decide to call it home all year, you’ve got easy access to the famous springs, plenty of places to hike, boat and fish, great food choices and a low cost of living. Home prices are 15.4 percent below the national average.
Rent is extremely reasonable, even in a town attracting so much business. The average apartment rent in Hot Springs is $751. Home prices have also managed to stay on the lower end. The median home in Hot Springs sells for $179,900, which is down 12.2 percent from last year.
Little Rock
Possibly the densest urban center in Arkansas, Little Rock really feels like a big city. Attracting both families and young professionals, the capital is full of restaurants, shops and parks. This is a perfect city for outdoor enthusiasts, history buffs, foodies and art lovers. Everything comes with housing prices that are 18.6 percent below the national average.
Changing very little over last year, apartment prices in Little Rock have essentially held steady. One-beds are the same, but two-beds are down by one percent when compared to last year. This helps to keep rent within that affordable range when looking at the cost of living in Arkansas. The average rent for a one-bedroom apartment is $804 per month. The average rent for a two-bed comes in at $930 per month.
Housing prices in Little Rock are even less expensive on average than in many other Arkansas cities. Up 17 percent over last year, the median home price in Little Rock is $253,500.
Jonesboro
Essentially a modern college town, the big sell in Jonesboro is Arkansas State University. Most amenities center around the college crowd, although it’s also a hub for agricultural processing. Crops grown nearby include cotton, rice, corn and soybeans. Living here gives you affordable housing wrapped up in a typical small town in the South. Home prices are 28 percent below the national average.
Rental prices in Jonesboro have dropped recently, and one-bedroom apartments are down 30 percent over last year. Two-bedrooms are decreasing more slowly, only down 4 percent over last year. This provides for very reasonable rental averages. A one-bed averages out to $650 per month and a two-bed is $825.
Similar to Conway, the median home price in Jonesboro is $228,000, up 17 percent over last year.
Arkansas food prices
Locals may love a big slice of possum pie for dessert, but when it comes to favorite foods, it’s better if it’s fried. From catfish to pickles, green tomatoes to hushpuppies, frying it up makes it taste better. This most likely means that Arkansas residents go through a lot of bread crumbs, but they do keep the grocery bill pretty low, spending on average between $200 and $233 per month.
Food prices themselves are also on the lower end, keeping below the national average in every city, though some just barely.
Conway is 13.6 percent below the national average
Jonesboro is 7.7 percent below the national average
Little Rock is 6.8 percent below the national average
Fayetteville is 6.6 percent below the national average
Hot Springs is 0.6 percent below the national average
Prices may stay high in Hot Springs thanks to all the tourists, but even with costs almost at the national average, you never know which city is going to have the most expensive items. If you need to buy bread, to make some fresh bread crumbs, Conway has the most expensive loaf at $3.78, while Fayetteville has the cheapest at $3.07. When you’re in need of eggs for that fry batter, Little Rock’s dozen will cost the most at $1.89, but Conway’s are the cheapest at $1.57.
Arkansas utility prices
Moderate temperatures almost all year round mean your heater and AC shouldn’t have to work too hard in Arkansas. This can keep the biggest utility price, your energy bill, relatively low. Throughout Arkansas, monthly energy bills range between $147 and $164, and overall prices stick closely below the national average.
Jonesboro is 6 percent below the national average
Conway is 5.9 percent below the national average
Fayetteville is 4.3 percent below the national average
Hot Springs is 1 percent below the national average
Little Rock is 0.5 percent below the national average
One partial contributor to decent utility prices, and an overall lower cost of living in Arkansas, could be the state’s production of hydroelectricity. With so many lakes across the state, the construction of dams has proved a great source of hydroelectric power. The biggest, Beaver Dam, generates $4.5 million in revenue from electricity.
Arkansas transportation prices
The cost of living in Arkansas gets a bump up when it comes to transportation prices. This is one of the only categories where numbers jump up above the national average.
Hot Springs is 16.7 percent below the national average
Conway is 8.8 percent below the national average
Jonesboro is 7.9 percent below the national average
Little Rock is 3.2 percent below the national average
Fayetteville is 9.2 percent above the national average
Not all cities have public transportation to help bring down the costs associated with owning a vehicle, but some do provide options when you don’t feel like paying for parking.
In Fayetteville, there’s also the Scull Creek Trail. This four-mile paved path goes right through the heart of town. You can easily navigate on foot and avoid struggling to find parking on busy days. You’ll also find plenty of places to bike throughout the state.
Fayetteville Ozark Regional Transit
Operating three routes within Fayetteville, and a few in surrounding areas, Ozark Regional Transit services all of Northwest Arkansas. Buses have free Wi-Fi and all routes within the City of Fayetteville are free.
Fayetteville also has Razorback Transit, a system operated by the University of Arkansas. To ride is free, but service only runs Monday-Friday on class days, while school is in session.
Little Rock METRO
Supporting Little Rock, the Rock Region METRO consists of buses and a streetcar. With 15 bus routes and the blue line for the downtown streetcar, the entire city is pretty well covered.
The METRO Streetcar is free to ride, and a one-way bus fare is $1.35. Passes are available, and a 31-day pass is $36.
Jonesboro JET
With five dedicated routes JET offers busses in every direction through the city. Service on weekdays is pretty consistent, but there’s a separate Saturday schedule that runs from 9 a.m. to 4 p.m.
A one-way fare is $1.25, and passes are available for a single day, seven days and 31 days. A 31-day pass is $30.
Arkansas healthcare prices
Healthcare costs include a variety of doctors. You’ve got visits to your general practitioner and specialists, that annual trip to the eye doctor and your two dentist visits per year. Healthcare also includes any unplanned trips to urgent care, as well as all your medications.
Throughout Arkansas, combined healthcare needs are quite affordable.
Fayetteville is 24.8 percent below the national average
Little Rock is 24.7 percent below the national average
Jonesboro is 21.3 percent below the national average
Hot Springs is 15.8 percent below the national average
Conway is 13 percent below the national average
These averages keep any kind of doctor visit relatively low, most not even breaking $100. It could cost as little as $90 in Fayetteville to visit the doctor, but up to $112 in Little Rock. A dentist visit could be as inexpensive as $48.50 in Little Rock, and as high as $83.33 in Conway. Since the least expensive visit isn’t always in the least expensive city, it’s best to check averages everywhere you’re thinking about living.
Arkansas goods and services prices
The cost of living in Arkansas is relatively affordable, but where prices get high are goods and services. This includes all the extras you work into your monthly budget. The things you enjoy doing and want to do, but could do without if money got tight. Some Arkansas cities offer special activities in this category, like soaking in the warm mineral water in Hot Springs, but most goods and services are pretty ordinary.
Conway is 15.1 percent below the national average
Fayetteville is 1.4 percent below the national average
Hot Springs and Jonesboro are 4.8 percent above the national average
Little Rock is 5.5 percent below the national average
Prices are high overall, but it’s only when looking at the averages of specific goods and services that you can really see what costs are like in any given city.
Based on the chart, Little Rock is only the most expensive city half the time, when it comes to the trip to the salon or to the movies. Hot Springs takes the top spot when it comes to pizza and beer. For the most inexpensive city, Conway only comes in dead last twice, as well. Fayetteville has the least expensive 6-pack, and Hot Springs surprisingly has the least expensive movie ticket.
Taxes in Arkansas
Arkansas has a graduated income tax, which means you pay based on your total income. Rates are as low as zero if you make less than $5,000, and as high as 5.5 percent for those making over $84,500.
When it comes to sales tax, the state has a minimum rate of 6.5 percent. Localities can then add up to an additional 6.125 percent. This means the most you may pay in sales tax is 12.625 percent, or for every $1,000 you spend shopping, $126.25 goes straight to taxes.
Jonesboro has a sales tax rate of 8.5 percent
Little Rock has a sales tax rate of 8.625 percent
Conway has a sales tax rate of 9.125 percent
Hot Springs has a sales tax rate of 9.5 percent
Fayetteville has a sales tax rate of 9.75 percent
Across the state of Arkansas, the average sales tax rate is 9.47 percent. Most cities on our list come pretty close to that.
How much do I need to earn to live in Arkansas?
There are a lot of expenses that go into the cost of living in Arkansas, but rent is typically the biggest. Experts say you should spend 30 percent of your annual income on rent, so to know what you can afford, you’ll need to do some math.
You can either plug exact numbers into our rent calculator or make some guesses using estimates. By taking the average rent price in Arkansas, which is $738 per month, you can calculate the minimum amount of income you’d need, $29,520, to ensure you had money left over after paying rent each month.
The next question to ask is how easy it is to make this minimum salary in Arkansas. Given that the average annual salary in the state is $46,500, you’ll most likely have an easy time affording an average apartment. You may even be able to pay for a few upgraded amenities.
Living in Arkansas
Making the move to Arkansas means opening yourself up to experiencing a great Southern state. The natural beauty, variety of lakes and mild weather make the state ideal for those who love being outdoors. The affordability, nightlife and food make Arkansas perfect for just about everyone else.
If you’re considering a change, looking at the cost of living through its components can help you find the perfect city to call home. Which one has already caught your eye?
The Cost of Living Index comes from coli.org.
The rent information included in this summary is based on a calculation of multifamily rental property inventory on Rent. as of June 2022.
Rent prices are for illustrative purposes only. This information does not constitute a pricing guarantee or financial advice related to the rental market.
You know that old saying, “Every little bit helps.” Well, the opposite might also be true when it comes to home prices.
A new study from the National Association of Home Builders (NAHB) revealed that a mere $1,000 increase in the cost of a new, median-priced home prevents more than 200,000 prospective buyers from even making an offer.
The NAHB makes several assumptions to come up with that number. For example, they use a median national new home price of $275,000. Additionally, the buyer is only expected to put down 10%. And the maximum front-end DTI can’t exceed 28%.
Also, the mortgage rate used is 4.5% on a 30-year fixed mortgage. For the record, if any of these details change just a little, the math could be thrown completely out of whack.
And guess what, mortgage rates do change all the time, and not everyone has to pay private mortgage insurance. It also depends on the type of loan in question, among other things.
Still, of the nearly 118 million households in the United States, 206,269 wouldn’t be able to purchase a home that is $1,000 more expensive.
Texas the Most Priced Out State in the Nation
Of course, the impact depends on where the home is located. In places where homes are already mostly unaffordable, tacking on another $1,000 to the sales price will do very little, if anything.
But in places where prices are largely affordable, a seemingly small shift can force thousands to continue renting as opposed to buying.
Overall, Texas would be the hardest hit state, with 18,250 households no longer able to qualify for a mortgage based on a $1,000 increase to a median-priced home.
Of course, there are more than nine million households in the Lone Star State, so it’s not as bad as it sounds.
Conversely, only 313 households (of over 225k) in Wyoming would be affected by a $1,000 home price increase, making it the least vulnerable state in the nation.
In California, where the population is largest, only 14,423 households would be priced out because there are fewer affordable new homes to begin with.
At the metro level, the New York-Northern New Jersey-Long Island area would be most affected by a $1,000 price increase, with 5,742 households effectively priced out.
It’s followed by the Chicago-Joliet-Naperville, IL-IN-WI MSA, where 5,325 households would be priced out, despite having about half the number of households.
Same story here – nearly a third of all local households can afford new homes in the Chi-Town metro, whereas only 19% of households in the New-York area can qualify for new home mortgages before any price hikes are even factored in.
Similar pricing out can be seen in places like Atlanta, Baltimore, Houston, and Las Vegas.
In Napa, California, where less than 15% of all households can afford a median-priced new home, only 18 households would be priced out.
By the way, the purpose of the study seems to be driven by the NAHB’s distaste for regulatory fees, which they claim are passed onto the consumer. For example, every $833 increase in cost (permits, impact fees) results in a $1,000 increase in home price.
And their research shows regulations imposed by the government account for 25% of the final price of a newly-built single-family home.
In reality, there are all always plenty of options to qualify for a mortgage, even if the numbers are really tight. Shopping around to get your interest rate and closing costs lower can make much more of an impact than a $1,000 home price increase.
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