Month: August 2023

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The Las Vegas Summer Market, held in the 5.3-million-square-foot World Market Center, will bring tens of thousands of industry insiders from over 70 countries to Sin City this week.

Exhibitors at the biannual event, organized by Andmore, show off some of the latest trends and products in furniture, decor and gifts. Following a Monday tour of the market, the Las Vegas Review-Journal is showcasing some of the most interesting items — and award-winning — products on display from bar cabinets to personalized jewelry.

Moonglow, one company on the Summer Market’s show floor, makes jewelry and clothing products, including the phase of the moon from any date from 1920 to 2030, said Tara McGowan, Moonglow’s director of sales.

“You can choose any moon date of choice to remember a significant event whether it’s a birthday, wedding or anniversary,” she said.

The Moonglow jewelry also can glow in the dark.

Another interesting product on the show floor were candles and tabletop fire pits made by Lovinflame, which offers wind-resistant and clean-burning flames using water-soluable, nontoxic and ethanol-free fuel, according to Allen Phan, the business development manager for Lovinflame.

“We focus on portability with fire so you can carry one of these products from inside your home to sitting out on a patio easily,” he said.

The flames are hot enough to warm an area and only light in the stainless steel wick of each product and can be put out easily with water.

People’s Choice awards

Four products at the Summer Market won “People’s Choice” awards in the following categories: gift, furniture, home decor and temporary gift. The winning products were voted on by buyers at the market and were selected among a group of 40 finalists.

Winning in the furniture category is a mahogany carved bar cabinet made by Virgina-based Hooker Furnishings. The cabinet is part of a new brand for Hooker Furnishings called M, which is focused on millennial and Gen Z customers and have sleeker and more modern designs, said Kristin Hawkins, the senior director of public relations for Hooker Furnishings.

She said the company was glad to receive the award for the bar cabinet since it wanted to use the Summer Market to push out the M brand and “broaden” the company’s presence in the Western U.S.

This sentiment of attracting business on the West Coast was shared by Propac Images, the company behind the winning product for the home decor category — Chroma Brush Set images, which is abstract art in a white mat frame. The company was “excited” to get the distinction from voters since it can generate more attention for the Alabama-based wall decor company, said Leeanne Vaughn, the key accounts manager for Propac Images.

“This showroom and event helps us get connected to West Coast customers and this award can boost our sales reputation,” she said.

The Summer Market is seen as the natural place for manufacturers to begin a dialogue with buyers especially in the West since this is the only trade show of its kind in the region, said Stephen Young, the president of his namesake Stephen Young company, a Los Angeles-based sales agency that represents more than 60 companies.

“There are no other Western cities that host this size of show or have this large of a permanent showroom,” he said. “Las Vegas really is the only city in the Western region with the right scale.”

Young’s company represented the winning product for the gift category — the Sienna Sage Collection, which includes hand washes, body lotions and candles.

The winning product in the temporary gift category was the Maileg House of Miniatures, a mini-toy house made by Maileg, a Danish children’s toy company. Winning the award helps the company sell its mission of getting kids to return to more imaginative forms of play, according to Jessica Barber, the wholesale account manager for Maileg’s North and South America operations.

“This shows we are doing something right,” Barber said.

Contact Sean Hemmersmeier at [email protected] or @seanhemmers34 on Twitter.

Source: reviewjournal.com

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The median price paid for a Southern California home was $285,000 last month, down five percent from October and a record 34.5 percent from November 2007, DataQuick reported today.

The median hasn’t been lower since it stood at $298,000 in April 2003, the last time it fell below the $300,000 mark.

November’s median is 43.6 percent below the peak $505,000 median seen in spring and summer of last year, which would explain the millions of underwater borrowers.

While the news is horrific for current homeowners, new homebuyers were enjoying an average monthly mortgage payment of $1,323, down from $2,049 a year earlier.

“Bargains and bargain hunters have kept this market alive through some of the bleakest financial news in memory,” said John Walsh, DataQuick president, in a release.  “There’s this renewed sense that you can score a ‘deal’ – something that had been missing for many years.”

“Last month’s Southland sales weren’t great, given they were the second-lowest for any November in 16 years. But they could have been a lot worse.”

A total of 16,720 new and resales homes and condos sold during November in six Southland counties, a 22.3 percent decline from October, but 26.9 percent more than during the same period a year earlier.

But a whopping 54.6 percent of all resales during the month had been foreclosed on at some point over the past 12 months, up from 50.9 percent in October and 18.8 percent a year ago.

It’ll be interesting to see what effect the lower mortgage rates have on new sales, especially given the fact that rates are expected to fall even lower, which could keep some potential buyers waiting even longer to dive in.

(photo: swanksalot)

Source: thetruthaboutmortgage.com

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Mortgage rates have been on the rise for over a year now. The 30-year fixed hit rock-bottom back in late November 2012, reaching an unheard of 3.31%, per Freddie Mac.

Since then, it’s mainly been on an upward trajectory, with a little seesawing sprinkled in.

As it stands today, most good borrowers will see a rate closer to 4.625%, which is roughly 1.25% above the all-time low.

While still a historically great rate, it is a meaningful jump from recent levels, and one that could pose a roadblock to new buyers grappling with higher home prices.

So just what is the tipping point for borrowers? Is it 5%, 5.5%, 6%, or higher? Well, back in June Freddie Mac claimed mortgage rates would need to rise to 7% to make the median home unaffordable.

Of course, that was a nationwide measure, and they did admit that some real estate markets (Los Angeles) were already “unaffordable.”

That was the mathematical analysis…what about the word on the street, from those on the frontline?

Redfin Agents Think We’re Dangerously Close to Pricing Buyers Out

Well, a new survey from Redfin asked real estate agents how high mortgage rates would need to climb before they “significantly limit sales and price gains.”

The top answer, with 39% of the vote, was 5.5%, which is less than one percentage point higher than current levels. Coming in at a close 2nd was 6%, which grabbed 33% of the vote.

It then drops off considerably at 6.5%, perhaps because that seems unimaginable at the moment, or simply because 5.5% and 6% are a lot more likely and concerning.

Even if rates were to rise to 5%, 14% of the Redfin agents polled feel sales could take a hit, and that would hurt the ongoing seller’s market.

Of course, it already seems to be taking a hit seeing that only 65% of agents indicated that it was a good time to sell in the fourth quarter of 2013, down from 86% two quarters earlier. That’s a big drop.

Realtors Sees 5.5% Mortgage Rates at End of 2014

For the record, National Association of Realtors (NAR) chief economist Lawrence Yun expects the 30-year fixed to hit 5.5% by the end of the year.

Whether he actually believes that or wants to strike fear into buyers and sellers to ACT NOW is another question. He’s been wrong in the past and generally overstates interest rate increases.

Still, everyone seems to be pretty worried that mortgage rates can’t move much higher without actually making a serious impact.

In the latest Fannie Mae Housing Forecast, they estimated that the 30-year fixed would average 4.5% in Q1 of 2014, 4.6% in Q2, 4.8% in Q3, and 4.9% in Q4.

So if their more conservative estimate holds true, we’ve got nothing to worry about in terms of affordability and home buyer appetite.

But if NAR is right, we could have a problem, assuming the Redfin real estate agents truly know their buyers.

Either way, affordability will become more of a concern this year thanks to rising home prices, especially if inventory remains scarce and buyers get into bidding wars that require them to pay above list.

Source: thetruthaboutmortgage.com

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Graduating high school and attending college are milestone achievements for students and their families. Getting to this stage requires hard work, financial planning, and communication between parents and their children.

If you’re hoping that your child will go to college after high school, talking about college well before they get to senior year can better prepare them for success.

There is no one-size-fits-all approach to getting ready for college, and the same goes for college conversation starters. Here are some tips and strategies to consider as you prepare to have the college talk with your child.

When is it too Early to Talk about College?

Putting off the college talk is generally a greater concern than starting too early. While kids are young, you can begin planting seeds in everyday conversation about college and careers. Consider taking a gradual approach. This can give your child time and space to come forward with their own thoughts to create a college conversation rather than a college lecture.
💡 Quick Tip: You can fund your education with a low-rate, no-fee private student loan that covers all school-certified costs.

When is it too Late to Talk about College?

There isn’t a definitive best time to start talking about college, but waiting too long could put your child at a disadvantage.

Many college admissions offices evaluate every year of high school to calculate a student’s grade point average (GPA) and academic performance. While junior year can be given greater weight, a bad grade in algebra as a freshman doesn’t disappear either. For this reason, the transition from middle school to high school can be an opportune time to begin talking about college.

While the academic side is important to emphasize, an overly direct approach could potentially stifle the college talk. Starting early can help you build a better foundation to discuss the more difficult and stressful parts of preparing for college.

Do Your Own Homework on the College Process

As a parent or guardian, doing some initial research can inform you on the nuts and bolts of the college process and show your child that you are supportive of their education. It’s no surprise that college is expensive, but there are options to make college more affordable.

First off, you may want to gauge how much financial aid your family could qualify for with the government’s Federal Student Aid Estimator . This tool provides a free estimate of federal aid eligibility, including work-study, grants, and federal student loans.

There has been a growing call for waiving standardized tests for college admission, but most schools still require SAT or ACT scores for admission. Not every family is in the position to pay for tutors and prep classes, but it is worth noting that students can take these tests multiple times to improve their scores.

Through a process called “superscoring,” some colleges accept a student’s best section-level scores for math and evidence-based reading, even if they are from different test dates.

Some other useful tidbits to be aware of as you start the college conversation include:

•  College application fees: The cost varies by institution. The average application fee runs around $45, though some schools charge as much as $100 to apply. However, applicants could qualify for a waiver if they meet certain criteria for financial need.
•  In-state vs. out-of-state tuition cost: Each state has its own public university system that is partially funded by taxpayer money. Therefore, the base tuition cost for in-state residents is less than out-of-state students, though this does not account for potential scholarships and financial aid. Students attending out-of-state public universities typically pay more for tuition than in-state residents, though the cost may still be less than attending a private college.
•  Local scholarship opportunities: Community organizations, nonprofits, and businesses may offer scholarships specifically to graduates of your child’s high school or within your community. Criteria varies, but common elements might include academic merit, leadership, and financial need.

Now let’s move on to some helpful college conversation starters.

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Asking About Their Goals, Dreams, and Worries

Adolescence is a journey in self-discovery, but also insecurity and social pressure. In addition to your child’s future aspirations, acknowledge that they may have doubts and worries about attending college or moving away from home. Simply listening and showing your support is a good start to moving forward with the college talk.

On a lighter note, your child doesn’t need to have it all figured out by the time they decide to enroll in college. Some students do not declare a major until a few semesters into college. This means they can take a variety of classes before making a final decision for their degree.

Still, there are hundreds of college majors to consider, and not all colleges have the same offerings, so narrowing it down a little beforehand can help your child find a college that fits their needs and graduate on time.

Attending a local college with friends may be really important to your child, or they may be dead set on a specialized subject only offered at a handful of colleges. Either way, there is still plenty to discuss for their future plans.

Recommended: College vs University: What’s the Difference?

Attending College and Career Events Together

Many high schools host career and college fairs throughout the academic year. Often, these events are marketed towards juniors and seniors who are approaching application deadlines and graduation. If your student is a freshman or sophomore in high school, these fairs can provide a convenient opportunity to start browsing their options without the pressure of applying yet.

Having the confidence to speak with college admissions recruiters at these events is not only great practice, but can gain application fee waivers and insight into scholarships and other opportunities.

Similarly, colleges organize open house events and tours for prospective students and their families throughout the year. Starting with an unofficial tour of a nearby college campus can be a low-stakes introduction.

Incorporating college visits and tours into a family vacation is another way to test the waters of living and studying away from home.

Recommended: College Planning Guide for Parents of High School Students

Sharing Your Own Experiences

Sharing personal experiences from college can be a natural way to broach the subject, as well as connect with your child on a more peer-to-peer level.

Your child may be surprised to learn which friends you made in college that they’ve known since birth. There are a lot of practical and logistical topics to cover during the college conversation, so this is a chance to bond over more personal stories.

If you didn’t have the opportunity to attend college, that’s okay too. Letting your child know that college is a possibility for them is what matters.

Asking friends who attended college or whose children are in college for advice could offer some insight.

Also, inviting a trusted family member or friend to join the college talk with you and your child is another way to continue the conversation in a caring environment. If your child will be a first-generation college student, keep in mind that they may be eligible for specific types of programs and scholarships.

Letting Them Know Your Financial Plan

Your child may be more intuitive than you think. If you haven’t brought up the matter of paying for college yet, they may assume their education options are more limited than the reality.

Talking about money with your children may feel awkward, but college isn’t cheap, and paying for it is a critical piece of the equation for selecting a school that is right for them.

You don’t have to get too deep in the weeds, but discussing payment options can help put your child at ease. Fortunately, there are several ways to pay for college, such as scholarships, grants, and student loans.

Grants and scholarships generally do not require repayment and are used for education and associated expenses. Both can be awarded through financial aid packages or nonprofit and community organizations.

Additionally, scholarships can be awarded by colleges directly or through a competitive application process. Learning about these opportunities early on could better prepare your child for receiving scholarships and grants.

When approaching student loans, an important piece to convey to your child is the impact of interest. With an unsubsidized federal student loan, interest starts to accrue when the loan is disbursed, and continues accruing until the loan is paid back.

With subsidized federal student loans, the interest is covered by the government while the student is in school at least half time and through a six-month grace period after the student leaves school. With either type of federal loan, you don’t need to begin repayment until six months after graduation.

Generally, interest will also start accruing immediately with private student loans. However, the terms on private student loans vary by lender, so confirm with the loan servicer to be sure. Some private lenders also allow students to defer making any payments until six months after graduation.

Paying off loans ahead of schedule could result in a lower total repayment amount, but consult with your loan provider to be sure. For more information, take a look at this primer on student loans.

This can also be the time to have a candid conversation about getting a summer job and pitching in to save for college.
💡 Quick Tip: Federal student loans carry an origination or processing fee (1.057% for Direct Subsididized and Unsubsidized loans first disbursed from Oct. 1, 2020, through Oct. 1, 2024). The fee is subtracted from your loan amount, which is why the amount disbursed is less than the amount you borrowed. That said, some private student loan lenders don’t charge an origination fee.

Paying for College

Federal student loans, scholarships, grants, and work-study programs may be sufficient to fund all or at least a portion of your child’s education.

However, some students take out private student loans to pay for their education and associated living expenses, when federal aid and savings aren’t enough to cover the costs.

Alternatively, college parents can borrow loans to support their child’s education expenses. The federal government’s PLUS loans program for parents is one option to consider. Private lenders also offer parent student loans with potentially lower interest rates.

If you’ve exhausted all federal student aid options, no-fee private student loans from SoFi can help you pay for school. The online application process is easy, and you can see rates and terms in just minutes. Repayment plans are flexible, so you can find an option that works for your financial plan and budget.

Cover up to 100% of school-certified costs including tuition, books, supplies, room and board, and transportation with a private student loan from SoFi.


SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.

SoFi Private Student Loans
Please borrow responsibly. SoFi Private Student Loans are not a substitute for federal loans, grants, and work-study programs. You should exhaust all your federal student aid options before you consider any private loans, including ours. Read our FAQs.
SoFi Private Student Loans are subject to program terms and restrictions, and applicants must meet SoFi’s eligibility and underwriting requirements. See SoFi.com/eligibility-criteria for more information. To view payment examples, click here. SoFi reserves the right to modify eligibility criteria at any time. This information is subject to change.

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.

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Source: sofi.com

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The southeastern state of Kentucky is a fantastic destination to find southern culture. It’s renowned for its bluegrass music, bourbon and moonshine, college basketball and delicious Southern cuisine. Some of its biggest industries include coal, tobacco and automobile manufacturing.

Its landscapes range from rolling hills to the wooden peaks of the Appalachian Mountains. Beneath it all winds Mammoth Cave, the longest-known cave system in the world. But Kentucky is arguably best known for its horse culture. As the home of the Kentucky Derby, the raising, breeding and racing of horses are integral to Kentucky’s way of life and identity.

From the picturesque scenery to the southern culture, you’re thinking Kentucky would be a fine place to set down roots. But hold your horses. You also need to consider what the cost of living is like there to determine if it fits your budget and needs. What may sound great could be a horse of a different color. Luckily, Kentucky is, by and large, a very affordable place to live. From housing to groceries, many aspects of life here cost below the national average. This article breaks down the cost of living in different areas around Kentucky to help you make educated choices about where to live.

Kentucky housing prices

If you love big-city life, Kentucky isn’t for you. The state has only two major cities, which are Louisville and Lexington. Louisville is the biggest metropolitan area in the state, with 628,594 residents, according to 2021 census. Lexington and the surrounding Fayette County follow with 321,793 residents. But what Kentucky lacks in quantity of big cities, it makes up for with quality. Both Lexington and Louisville are bustling metropolises that are seats of culture, industry, business, athletics and history.

You can save big on rent living in this southern state. Housing costs in Kentucky sit well below the national average. This is true of both Louisville and Lexington, as well as small- to mid-sized cities across the state like Frankfort, the state’s capital. Renters and prospective homeowners have plenty of affordable cities and areas to choose from. Here’s what you can expect to pay for renting an apartment or buying a home in different Kentucky cities.

Lexington

Housing costs in Lexington, the Horse Capital of the World, are 24.6 percent below the national average. A one-bedroom apartment costs an average of $1,254 per month. A more spacious two-bedroom will run you approximately $1,607. While these rates may look good compared to other big cities, there’s a catch. The cost of a one-bedroom is up 33 percent from the previous year. Two-bedroom apartments are up even more, rising a whopping 56 percent. While housing costs here are currently affordable, they’re clearly on the rise and fast.

The cost of buying a home here is also going up, but not as steeply. Since 2021, the average cost of buying a house in the Lexington area has climbed 16.8 percent. The median price for a home here is $297,000.

Louisville

Despite being the bigger city, housing prices in Louisville are lower than in Lexington. This is good news for locals of this friendly and fun-loving city. It keeps more cash in their pockets for classic Louisville activities like cheering on the Cardinals at football and basketball games or sipping Kentucky bourbon at local distilleries.

Housing costs here are 22.6 percent below the national average. With a wide range of different neighborhoods to choose from, you can expect to pay around $1,040 per month for a one-bedroom apartment or $1,199 for a two-bedroom. Same as with Lexington, though, the average cost of rent is going up. Rental costs for one- and two-bedroom apartments are up 19 and 21 percent, respectively.

Average rents here are less expensive than in Lexington. But at the same time, Louisville housing costs sit slightly closer to the national average.

Louisville’s housing market has seen some growth over the past year, going up 11.4 percent from the previous year. The median price for purchasing a home here is $255,000.

Food prices

While it would be great to live exclusively off Kentucky Fried Chicken, a balanced diet is necessary. Luckily, food prices around Kentucky are a few points below the national average. The average Kentucky resident shells out between $2,801 and $3,200 for food for the entire year. This puts them in ninth place for states with the lowest average grocery costs. Here’s how far below the national average Kentucky’s two biggest cities rank:

  • Lexington is 6.4 percent below
  • Louisville is 6.2 percent below

Both Lexington and Louisville are pretty much neck-and-neck when it comes to food costs and prices for food items. A half-gallon of milk in Louisville costs $1.52 compared to $1.85 in Lexington. A loaf of bread in Lexington will set you back $3.88 versus $3.46 in Louisville. And good news for fried chicken lovers. A two-piece meal costs exactly $1.12 in both cities. At those prices, you can bring home the Kentucky fried goodness all the time.

The comparative costs for dining out are also pretty similar. A casual meal out at an inexpensive restaurant costs roughly $15 in Louisville and $13.50 in Lexington. But say you’re going out for a special occasion and celebrating with a fancy three-course meal at a mid-range restaurant. The price difference grows 39.13 percent, costing $57.50 in Louisville and $80 in Lexington.

Utility prices

Utility costs in Kentucky are one of the few costs of living areas that exceed the national average. As the fifth-biggest coal producer in the United States, the majority of the state’s energy comes from coal. Roughly 69 percent of the electricity generated was coal-powered. If the negative environmental impacts of that leave a bad taste in your mouth, don’t worry. Alternative and sustainable energy sources like hydroelectric and biomass are on the rise. Here’s how the cost of utilities in Kentucky’s biggest cities compares to the national average:

  • Lexington is 5.4 percent above
  • Louisville is 2.7 percent above

Locals in Lexington will be paying out slightly more for their utilities than Louisville residents. Average total energy costs per month in Lexington come out to $190.87 and $187.17 in Louisville. Total energy combines electricity, natural gas and other sources of energy. The cost of Internet service, which is a modern necessity, is also pretty close. In Louisville, 60 megabits per second costs. $62.27. In Lexington, it’s slightly pricier at $69.00.

Transportation prices

Most cities and counties around Kentucky have some form of public transit. This almost exclusively consists of bus fleets. Thanks to the state’s history as a railroad hub, passenger rail routes offer regional connections around the state. Amtrak currently serves four different Kentucky cities, including Louisville. While no cities in Kentucky have a subway system for mass transit, Louisville does have a system of former freight subways no longer in use.

Kentucky has a giant automobile manufacturing industry, so using cars is a way of life here. But cities still offer affordable and far-reaching public transit options. Here’s how transportation prices around Kentucky stack up against the national average.

  • Lexington is 6.1 percent below
  • Louisville is 8.4 percent above

There’s a pretty clear difference between the two, with Louisville exceeding the national average by a lot. Louisville is a big car city and is a big, spread-out city in general. With higher gas prices and more areas to cover, it stands to reason why prices are higher here.

Lextran in Lexington

Lextran Public Transit provides public transportation throughout the city. Its service doesn’t extend to the surrounding Fayette County area. Their fleet consists of 71 buses running 25 fixed routes. The entire system has nearly 900 different stops around town.

A single one-way ride on a Lextran bus costs $1.00, with free transfers valid for 90 minutes. A Day Pass runs $3.00. A 30-Day Pass doesn’t offer a discount for buying in bulk, coming out to a dollar a day at $30. Reduced fares and passes are available for children, the elderly and students. A semester pass for students of the nearby University of Kentucky costs $50.

Having affordable and reliable public transportation in Lexington is important. Apart from the university area and downtown, most areas are not very walk- or bike-friendly. The city’s walk score is 53. The bike score is barely higher at 56. Despite the low cost and various routes, public transit in Lexington is only ranked 33. Many residents rely on cars to get around.

TARC in Louisville

Consisting of 227 buses covering 30 different routes, TARC offers public transit throughout Louisville and its broader metro area. This includes parts of Clark County and Floyd County in neighboring Indiana. 33 of its 227 buses are hybrid-electric and 15 are all-electric.

TARC has several different fare structures. A one-way ride costs $1.75 if you pay with cash. But if you use the company’s MyTARC card, a single ride costs $1.50. Riders can also transfer within two hours of paying upon boarding. Passes with the MyTARC card include $3.50 for a full day pass and $50 for a 30-day pass. These options only apply to their local fixed routes, however. Fares are different for express and circulator routes. A single ride with a MyTARC card on an Express Route is $2.50. Reduced fares and passes are available for eligible riders like youth between 6-17 and people who are 65-plus.

In an effort to make the TARC more attractive to residents, there’s been talk of eliminating fares. By offering free bus service, local officials hope it would ease congestion by incentivizing more people to use the bus. It would also have sustainability benefits.

RiverLink tolls the three bridges connecting Kentucky to Indiana. The tolling system is all-electronic, so drivers will find no tollbooths or lines on the bridges. Rates vary depending on whether or not you have a RiverLink account and transponder. If you have neither and are passing through, high-resolution cameras capture a photo of your license plate and send information to you about paying the toll.

Louisville is not the most walkable or bikeable city, either. Its walk score is a low 46. The bike score is slightly better at 51. Public transit around town has a transit score of only 33. As a major car city, most residents here have and use their own cars. But prepare to pay for parking. A monthly parking pass for downtown costs between $55 and $65.

Healthcare prices

It’s easy to see low or affordable average healthcare costs and get excited. But healthcare is one of the most difficult costs of living areas to quantify. This is because health and, therefore, caring for our health is so subjective. Healthcare costs can vary widely depending on factors like pre-existing conditions, prescription costs, location and other factors. Some cities and areas have cheaper healthcare, in general. It’s recommended you see your general care physician at least once a year. The same is true for dentists and optometrists.

That being said, healthcare costs in Kentucky fall well below the national average. Yet it’s also one of the unhealthiest states in America. But Kentucky locals can expect to pay less than the national average for care. How much less varies by city:

  • Lexington is 18.7 percent below
  • Louisville is 21.2 percent below

One of the reasons healthcare costs are lower is because Kentucky hospitals are frequently ranked as some of the best in the region. If you need to go to the doctor in Louisville, your out-of-pocket costs will be around $82.50. In Lexington, it’s $93. Heading to a dentist for a cleaning and check-up costs $86.67 in Louisville compared to $93 in Lexington. An over-the-counter bottle of Ibuprofen costs the same in both cities at $9.49.

Goods and services prices

Miscellaneous goods and services are Kentucky’s other main cost of living area that exceeds the national average. This broad category encompasses everything from going to get a haircut to taking your clothes to the dry cleaners. But it’s still an essential part of everyone’s monthly budget. All those smaller costs can quickly add up. Here’s how Kentucky cities compare to the national average for miscellaneous goods and services:

  • Lexington is 8.9 percent above
  • Louisville is 7.0 percent above

Since Lexington and Louisville are great cities for having a social life, you need to keep an eye on these expenditures. Going to see a movie in Lexington costs around $11.05. Heading to catch a feature film in Louisville though is $11.61. Do you do yoga? You’ll pay about $20 per class in Louisville but $14 in Lexington.

The costs of taking care of others in your life also fall under this category. This includes regular expenses like taking pets to the vet and childcare. Taking your furry best friend to get checked up at the vet costs around $61.67 in Louisville and $60.37 in Lexington. For childcare, you’ll be paying far more in Louisville. The cost of a month of preschool or kindergarten in Louisville sets you back over $1,000. In Lexington, the amount is nearly halved to $538.88.

Taxes in Kentucky

Kentucky’s overall state sales tax is 6 percent. One benefit of living here is that individual cities or counties don’t levy an extra sales tax. So, you’re only paying 6 percent sales tax no matter where you are in the state. Say you go out and spend $1,000 on fine Kentucky bourbon. With the 6 percent tax rate, $60 of that $1,000 goes to taxes.

  • Lexington has a combined tax rate of 6 percent
  • Louisville has a combined tax rate of 6 percent

Other taxes you should consider before moving to a new state are income taxes. Income taxes are higher in some states than in others. If you want less money being taken directly out of your paycheck, you want to live in a state with lower income taxes. In Kentucky, income tax is a flat 5 percent.

How much do I need to earn to live in Kentucky?

You want to make enough money to take advantage of all the fun things to do while also paying for your essentials like housing and groceries. Since housing generally takes the biggest chunk out of a person’s monthly budget, it’s used as the metric to determine how much money you need to earn to comfortably live somewhere. Experts recommend that you only spend 30 percent of your gross monthly income on housing. That leaves 70 percent for groceries, bills, savings and all those miscellaneous goods and services.

According to the U.S. Census, the median household income in Kentucky is $52,238. The average rent in Kentucky is $1,082 for a one-bedroom apartment. Assuming the 30 percent rule, you’d need to make at least $3,606 per month. That comes out to roughly $43,272 annually.

If you’re unsure what Kentucky city fits into your budget, use this handy rent calculator to crunch some numbers.

Living in Kentucky

There are many benefits to living in Kentucky. You can live in a vibrant big city but go into the beautiful countryside riding horses within minutes. It has great food, sports and people. It’s also an overall affordable state in general. With most costs of living categories falling under the national average, various cities and towns in Kentucky are bound to fit a wide range of budgets.

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.

Source: rent.com

Apache is functioning normally

Welcome to the epitome of coastal living —  Hampton Roads, where exclusivity and elegance intertwine to create a haven of luxury residences. As you embark on a journey through the world of exclusive real estate, you’ll quickly understand why Hampton Roads stands as a timeless luxury destination.

So what are the most sought-after luxury home features in Hampton Roads? Comprised of nine independent cities – Chesapeake, Norfolk, Portsmouth, Suffolk, Virginia Beach, Hampton, Newport News, Poquoson, and Williamsburg – you’ll find yourself surrounded by an array of exquisite features and amenities that epitomize opulence and comfort. 

From breathtaking waterfront properties to smart home features, this Redfin article unveils the top luxury home features in Hamptons Roads that homebuyers are willing to pay top dollar for. Whether you are drawn to architectural grandeur, technological marvels, or serene outdoor retreats, the Hampton Roads offer a symphony of extravagant amenities that cater to the most discerning tastes and elevate the concept of home to unparalleled heights.

What neighborhoods in Hampton Roads are known for their luxury home features?

Situated as a premier warm haven just beyond the hustle and bustle of New York and Washington, DC, Hampton Roads is a popular destination, driven by both local buyers and those seeking a coastal vacation home. Boasting nearly year-round golfing and a vibrant oceanfront scene, it’s no wonder buyers pay premium prices for homes in this area.

Croatan and Bay Island top the list for most expensive neighborhoods. Croatan, with a median sale price of $1,164,500, boasts exquisite home features. Known as Virginia Beach’s coastal gem, offering upscale beachfront living, community charm, and easy access to vibrant attractions. 

Virginia Beach’s Bay Island is an exclusive waterfront enclave, renowned for its luxurious homes, expansive water views, private boat docks, and a prestigious yet relaxed coastal lifestyle. In July, homes in this neighborhood sold for a median sale price of $1,100,000.

North End and Back Bay are also known for their luxury home features. North End, located in Newport News, is a quaint, upscale coastal neighborhood defined by charming beach cottages, scenic vistas, and a close-knit community vibe, perfect for serene seaside living. Lastly, Virginia Beach’s Back Bay neighborhood offers residents a rustic coastal retreat, bordered by the Back Bay National Wildlife Refuge, offering a tranquil escape and nature-rich living. 

1. Waterfront views and deep water access

One of the most coveted home features in Hampton Roads is waterfront views. The region’s picturesque waterways, from the Chesapeake Bay to winding rivers, offer not only breathtaking vistas but a direct connection to aquatic activities like yachting and fishing. The exclusivity and privacy afforded by waterfront properties, coupled with the convenience of private docks for boating enthusiasts, provide an unparalleled lifestyle. 

Additionally, waterfront homes often appreciate in value, given the timeless demand and limited supply. Luxury buyers recognize the unique appeal and are willing to invest more, knowing that water access enhances their living experience and provides a solid return on investment. As a result, these properties tend to hold their value exceptionally well and offer the potential for long-term appreciation.

2. Located in a golf course or country club community

Luxury homebuyers value residences within country club communities or on golf courses for an exclusive fusion of refined living and recreational opportunities. These communities offer access to world-class amenities, from meticulously manicured fairways to upscale clubhouses and social activities. Beyond the allure of the sport itself, such properties provide a sense of privacy and a vibrant social scene. The meticulously maintained landscapes enhance aesthetics and uphold property values. 

Nestled in the heart of Virginia Beach, the trio of Cavalier Golf Course & Yacht Club, Broad Bay Country Club, and Princess Anne Country Club holds a distinct allure for luxury homebuyers. Cavalier showcases timeless elegance, intertwining historical charm with modern sophistication. Broad Bay offers exclusive waterfront living, with panoramic vistas and private docks enhancing the coastal lifestyle. Meanwhile, Princess Anne’s stately ambiance boasts spacious estates amid serene landscapes. 

3. Enhanced security and comfort with smart features

Smart home technology is standard in luxury Hampton Roads residences, elevating convenience, comfort, and security.

You’ll typically see smart features that enable the homeowner to effortlessly control lighting, blinds, AC, and heating throughout the entire residence. With a mere touch or voice command, the ambiance transforms to suit every mood and need. Whether dimming lights for an intimate dinner, adjusting temperatures remotely for optimal comfort, or orchestrating natural light through automated blinds, these integrated systems not only imbue everyday life with elegance but also enhance energy efficiency.  

4. Conveniently located near restaurants and shops

The area is home to many great local amenities, one of the many reasons Hampton Roads is a great place to live. Luxury homebuyers place a high premium on proximity to waterfront restaurants and amenities due to the unique lifestyle they offer. Access to these establishments not only adds a touch of exclusivity and leisure to everyday living but also amplifies the coastal experience these regions are known for. 

The convenience of having these amenities nearby enhances social interactions and offers a distinctive way to entertain guests or unwind. Furthermore, waterfront locales often act as community hubs, fostering a sense of camaraderie and providing an opportunity for homeowners to immerse themselves in the vibrant local culture. 

5. Rooftop area for entertaining

A rooftop oasis redefines upscale entertaining. With panoramic coastal vistas, this exclusive haven transforms into a lavish retreat for gatherings. Plush seating, fire features, and gourmet kitchens create a seamless indoor-outdoor flow. Whether overlooking the Atlantic Ocean or serene waterways, this elevated escape encapsulates the region’s coastal allure. The rooftop’s blend of sophistication and relaxation sets the stage for unforgettable get togethers, combining the elegance of luxury living with the breathtaking beauty of the coastal landscape.

6. An elevator for accessibility

An elevator offers both convenience and accessibility within a multi-level residence. It not only caters to current needs but also considers future possibilities, ensuring a home that adapts as lifestyles evolve. Whether it’s eliminating the challenge of stairs or enhancing the home’s long-term versatility, an elevator seamlessly blends practicality with opulence, amplifying the comfort and value of the property in a way that resonates with discerning luxury homebuyers.

Luxury home features in Hampton Roads: final thoughts

From waterfront views and smart home technology to private rooftop retreats and upscale amenities, Hampton Roads presents an array of luxury home features that cater to just about everyone. As you embark on the journey to find your ideal luxury home, partnering with a knowledgeable local agent is essential. Their expertise in navigating the luxury market, coupled with an in-depth understanding of your preferences, will ensure that your vision of luxurious living in the Hampton Roads area becomes an exceptional and gratifying reality.

If you’re buying a luxury home in Hampton Roads, your Redfin Premier agent is equipped to offer valuable insights into the local market, including insight into the neighborhoods, highly sought-after amenities, pricing trends, and available luxury properties.

Source: redfin.com

Apache is functioning normally

If you’re struggling to sell a particular client’s home despite there being nothing wrong with the property on the face of it, it could well be that someone is sabotaging your efforts. A couple of recent cases have come to attention.

One recent case highlighted in the Wall Street Journal relates how a real estate agent had been attempting to sell a mansion in the Benedict Canyon are of Los Angeles for months without success. The property was listed at $10 million and caught the eye of numerous buyers who were shown around, many of whom gave positive feedback. However, no one would follow up with a concrete bid.

Later the agent discovered that the seller’s housekeeper had been providing potential buyers with a long list of made up problems about the home, including a neighbor’s barking dog, loud echoes from the canyon at night, and noisy parties in the neighborhood. Turns out the housekeeper was afraid to lose their job, and did so in order to prevent anyone buying the home and consequently firing them. Once the agent learned of this, they told the seller to make sure the housekeeper wasn’t around during showings. The home was quickly sold shortly thereafter.

In a second incident, the tenant of a listed apartment in Manhattan who did not want to move would leave dozens of rat traps around for buyers to see every time they visited the property, even though there were no rats. This shows that even just the possibility of a rat infestation can be a deal breaker so it’s better to nip the problem in the bud and hire a rat control company at once.

There have been even more blatant attempts at preventing a sale than this. In one case, a teenager was so upset at the prospect of his parents selling the family home that he threw a massive house party the day before the buyers came for a final walkthrough. The boy and his friends trashed the house and even spraypainted graffiti all over the tennis court, almost scuppering the deal, the Journal reported.

“The parents had to pay to have the court repainted and resurfaced and repair the guest house,” Montemarano says. “Luckily, my buyers were pretty OK with it. They just told the seller to make it right.”

Sometimes deals have been killed unintentionally too. Leslie Turner, a real estate agent from Charleston, South Carolina, told the Journal how a building inspector once discussed the condition of one of his listings using alarming language that ended up scaring off the buyers. The inspector had been recruited to check on the condition of a home built in 1882 that was due to be sold for $1.5 million. However, his report made it sound as if the home had a “parade of imaginary horribles,” the agent said, and that caused the buyers to back out of the deal.

“You always want to protect your clients and have them have a really thorough home inspection, but it’s just the way this guy delivers the news—he doesn’t have a good bedside manner,” Turner told the Journal. “I’ve seen people miss out on perfectly good properties because of this deal killer.”

The Charleston home sold the next day to a different buyer who understood the quirks of historic homes and wasn’t spooked by the inspector’s report.

Mike Wheatley is the senior editor at Realty Biz News. Got a real estate related news article you wish to share, contact Mike at [email protected].
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Source: realtybiznews.com