Higher interest rates helped to wipe out three weeks of gains in mortgage application activity. The Mortgage Bankers Association (MBA) said its Market Composite Index, a measure of that activity, decreased 5.7 percent on a seasonally adjusted basis and 6.3 percent before adjustment during the week ended May 24.
The Refinance Index plummeted by 14.0 percent from the previous week’s level but stayed 12.0 percent higher than during the same week one year ago. The refinance share of mortgage activity decreased to 31.3 percent from 34.0 percent.
The seasonally adjusted Purchase Index declined for the third straight week, slipping 1.0 percent on a seasonally adjusted basis and 3.0 percent on an unadjusted basis. Purchase loan applications were down 10.0 percent compared to the same period in 2023.
“Mortgage rates increased for the first time in four weeks, with the 30-year fixed rate up to 7.05 percent and all other loan types also seeing increases. The uptick in rates led to a decline in mortgage applications heading into Memorial Day weekend,” said Joel Kan, MBA’s Vice President and Deputy Chief Economist. “Both purchase and refinance applications fell, pushing overall activity to the lowest level since early March. Borrowers remain sensitive to small increases in rates, impacting the refinance market and keeping purchase applications below last year’s levels. There continues to be limited levels of existing homes for sale and many buyers are struggling to find listings in their price range that meet their needs.”
Highlights from MBA’s Weekly Loan Application Survey.
Last week we referred to loan sizes, an indicator of home prices, as a “see-saw.” The up and down pattern has continued now for four weeks but the overall trend is negative. Since the last increase, the average has lost more than $4,000 and purchase loans have retreated by $6,000.
The FHA share of total applications dipped to 12.7 percent from 12.8 percent and the VA share fell 1,7 percentage points to 12.0 percent. The USDA share of total applications returned to its usual 0.4 percent share after falling off that pace fractionally the prior week.
The 7.05 percent average rate for conforming 30-year fixed-rate mortgages (FRMs) was 4 basis points higher than the prior week with points increasing to 0.63 from 0.60.
The rate for jumbo 30-year FRM moved to 7.22 percent from 7.18 percent and points ticked up to 0.43 from 0.44.
Thirty-year FRM backed by the FHA saw an average increase of 8 basis points to 6.85 percent,with points increasing to 0.95 from 0.88.
The rate for 15-year FRM averaged 6.66 percent with 0.69 point. The previous week the rate was 6.42 percent, with 0.54. point.
The average contract interest rate for 5/1 adjustable-rate mortgages (ARMs) rose to 6.64 percent from 6.48 percent.Points moved 0.22 higher to 0.77. The ARM share of activity decreased to 6.4 percent of total applications from 6.6 percent.
South Carolina home sales climbed in April, and growing inventory levels combined with a recent decline in mortgage rates could help keep the market stable through the summer.
The number of homes for sale throughout the state surged 40 percent in April, more than doubling the market selection in 2022.
Homebuyers now have more than 22,000 options to choose from and the advantage of slightly lower borrowing costs heading into summer.
The upturn is welcome after homes sales statewide got off to an iffy start in 2024 and heading into the busy spring season. Residential purchases rose 7.2 percent in April after a nearly double-digit dip in March, according to monthly data by South Carolina Realtors.
Last month marked the first positive April since 2021.
Overall, 7,906 homes changed hands across the Palmetto State in April at a median sales price of $340,000 — up 5.4 percent from a year ago.
Several submarkets reported double-digit jumps in sales, with the two largest-volume markets in Charleston and Myrtle Beach up 8 percent and 2.1 percent, respectively.
The greater Greenville area spiked 15.8 percent and Columbia rose 13.9 percent.
Spartanburg saw the second-biggest leap in April with an 18.5 percent rise in sales — second only to Beaufort, where closings surged 27.2 percent.
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The Florence-based Pee Dee region took one of the hardest hits along with Cherokee County, with sales dropping 17.1 percent and 18.8 percent year over year, respectively.
As for prices, Hilton Head remains the highest-priced market with median home sales reaching $550,000. Charleston follows steadily behind at $425,700.
Home sales in the city of Greenwood — about 50 miles south of Greenville — fell 5.7 percent year over year. Prices soared 32.3 percent, however, putting the small city on par with the Aiken and Spartanburg markets.
Mortgage rates continue to be one of the biggest hurdles for homebuyers, but a dip for the second consecutive week will offer a bit of breathing room heading into the summer, according to Sam Khater, Freddie Mac’s Chief Economist.
“Given the news that inflation eased slightly, the 10-year Treasury yield dipped, leading to lower mortgage rates,” Khater said. “The decrease in rates, albeit small, may provide a bit more wiggle room in the budgets of prospective homebuyers.”
As of Thursday, the average 30-year fixed-rate mortgage fell to 6.94 percent from 7.02 percent a week earlier, financier Freddie Mac reported. The comparable but shorter-term 15-year home loan also fell, landing at 6.24 percent from 6.28 percent.
“May has been a better month for the mortgage market, with the last three weeks showing declining mortgage rates and increasing applications,” said Bob Broeksmit, CEO of the Mortgage Bankers Association. “Rates below 7 percent are good news for prospective buyers, and MBA expects them to continue to inch lower this summer.”
The Federal Reserve remains undecided on when or whether it will cut its key interest rate this year, which would trickle down to mortgages.
Fathom Holdings, the parent company of cloud-based real estate brokerage Fathom Realty, appointed Jon Gwin as chief operating officer.
Gwin brings a wealth of experience to the role, having previously held executive positions at American Financial Network, Wachovia Bank, Wells Fargo and Accredited Home Lenders. A licensed real estate broker since 2006, he managed a brokerage in San Diego and he also played a crucial role in establishing some of the first compliance management systems in the mortgage industry. Gwin also serves on the board of directors for LendersOne, a network of more than 400 national lenders, where he shares his extensive industry insights.
“Jon’s extensive experience and proven track record in the real estate and mortgage industries make him an invaluable addition to our leadership team,” Marco Fregenal, CEO of Fathom Holdings, said in a statement. “Jon’s strategic vision and innovative mindset will help drive our continued growth and success across all of Fathom’s brands. We look forward to the exciting contributions he will make in his new role.”
Based in Cary, North Carolina, Fathom Holdings is a national, technology-driven real estate services platform that integrates residential brokerage, mortgage, title, insurance and software-as-a-service (SaaS) offerings. The company’s brands include Fathom Realty, Encompass Lending, intelliAgent, LiveBy, Real Results, Verus Title and Cornerstone.
Ramp and Brex are both financial technology companies that aim to help business owners track and manage company spending with software tools and financial products, including corporate credit cards.
Business owners can issue unlimited virtual and physical credit cards with both Brex and Ramp. Then, they can limit spending on those individual cards, create budgets, automatically categorize expenses and prompt users to upload receipts.
The key differences? Brex’s eligibility criteria focus on venture-backed startups, enterprise companies and businesses with annual revenue in the millions. It’s best for businesses that fall into those buckets and want a linked Brex business account for banking.
Ramp serves a broader group of small businesses, but they’ll have to do their banking elsewhere.
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Ramp vs. Brex: Comparison at a glance
Business entities that can qualify
Corporations, LLCs, limited partnerships and nonprofits.
Corporations, LLCs and limited partnerships. Nonprofits may be approved on a case-by-case basis.
Bank balance and revenue requirements to qualify
At least $75,000 in cash.
For daily repayments: More than $1 million per year in revenue, more than 50 employees or equity investment.
For monthly repayments: Accelerator or venture funding, at least $100,000 in angel investment and at least $50,000 in cash. Enterprise companies need at least $400,000 per month in revenue.
Personal guarantee
Not required.
Not required.
Annual fee
Credit card rewards
1.5% cash back on all spending.
7 points per dollar spent on rideshares and taxis.
4 points per dollar on travel booked through the Brex portal.
3 points per dollar on restaurants.
2 points per dollar on software.
1 point per dollar on all other purchases.
Rewards rates may vary for certain customers.
Customer support
Phone support available daily from 7 a.m. to 10 p.m. ET. Support request form available.
Live chat and phone available 24/7.
Do you have less than $50,000 cash on hand? Look at the BILL Divvy corporate card instead. That card works similarly to Ramp and Brex — it’s linked to expense management software, you’ll have to pay off your balance at the end of each statement period and it offers some rewards on your spending — but you may be able to qualify with as little as $20,000 in the bank.
Ramp card pros and cons
Pros
No annual fee or foreign transaction fees.
Simple, straightforward rewards.
No personal guarantee or credit check.
Direct integrations with popular tools and card-level spending controls and alerts.
Cons
Balance must be paid in full each month.
Not available to sole proprietors or unincorporated businesses.
Where Ramp wins against Brex
Available to a wider variety of entrepreneurs
Ramp is available to most incorporated or registered companies, provided they have at least $75,000 in the bank. While that still leaves out a large number of business owners — the majority of entrepreneurs in the U.S. are sole proprietors — it’s much more inclusive then Brex, which requires venture or angel investment or annual revenue in the millions.
Flat-rate cash back
Flat-rate cash-back business credit cards offer two key advantages: You don’t have to worry about making purchases through a specific portal to maximize rewards, and you’ll get money back on all your spending, regardless of whether it falls into certain bonus categories. Ramp’s rewards structure beats Brex’s in terms of simplicity, especially if your business doesn’t spend much on travel.
Brex card pros and cons
Pros
No annual fee or foreign transaction fees.
New cardholder bonus offer.
Bonus categories with high rewards rates.
No personal guarantee.
Cons
Complicated rewards structure.
High capital requirement for approval.
Daily repayment may be required.
Not available to most small businesses.
Where Brex wins against Ramp
Cash management account included
Alongside its business credit card and spending management software, customers get access to the Brex business account. This is a business cash management account that offers no monthly fee, unlimited transactions and a high annual percentage yield (APY) on cash invested in money market funds (uninvested cash doesn’t earn interest).
All these features make Brex a good choice for startups with venture investment sitting in the bank. Expanded Federal Deposit Insurance Corp. (FDIC) insurance protects up to $1 million in uninvested cash, and you can earn returns on the rest.
Rewards on travel spending
If your business spends significant amounts on travel and hospitality expenses and you’re willing to book flights and hotels through Brex’s portal, then Brex is likely to offer much more lucrative rewards than Ramp. Its rewards rates are up there with traditional business travel credit cards — including up to 3x points on restaurants, 4x on travel portal purchases and 7x on rideshares.
Traditional business credit cards vs. Ramp and Brex
In some instances, corporate cards like Ramp and Brex won’t make sense for your business. Instead, you should consider a traditional business credit card if:
Your business is a sole proprietorship. Corporate credit cards aren’t available to sole proprietors.
Your business doesn’t meet Ramp and Brex’s minimum account balance requirements. Traditional business credit cards focus on your personal credit history — not your bank account balance — when evaluating your application for a card.
You want the option to pay off large purchases over several months. Corporate credit cards don’t let you carry a balance from one statement period to the next, and some may require you to make payments as often as every day.
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Annual fee
$0
Annual fee
$150
Annual fee
$0
Regular APR
18.49%-24.49% Variable APR
Intro APR
0% intro APR on Purchases for 12 months
Intro APR
N/A
Intro APR
0% intro APR on purchases for 12 months from the date of account opening
Recommended credit score
690850good – excellent
Recommended credit score
720850excellent
Recommended credit score
690850good – excellent
Ramp vs. Brex: Which one is right for your business?
For most small-business owners, Ramp is more likely to be a fit simply because it’s easier to qualify for. The card’s flat-rate cash back offers simple rewards on all your business spending. Plus, you’ll have access to powerful software that you can use to monitor and control expenses across the company.
If your business is a venture-backed startup, however, Brex is worth a look. That’s especially true if your team frequently travels for business, since you’ll be eligible for extra-high rewards rates when you use the Brex card on travel bookings, restaurants and rideshares. You’ll be supported by similar expense management software, too.
The ratings agency highlighted Acra’s “ability to effectively manage its operations and its demonstrated ability to achieve year-over-year growth in originations in a challenging economic environment.” The ratings firm also noted that “Acra continues to invest in technology to further streamline and enhance operational efficiencies.” Acra Lending, originally known as Citadel Servicing Corporation (CSC), has … [Read more…]
The Yahoo view:A USAA mortgage may be a wise choice if you’re eyeing a VA or conventional loan and qualify for USAA membership. The mortgage lender charges no origination fees on VA products and focuses primarily on military members and their families.
USAA is a long-standing financial institution that serves military members, veterans, and their family members. It offers banking, insurance, retirement, and investment services to these consumers, as well as VA and conventional mortgage loans.
To use any of USAA’s products or services, you must become a member. Only U.S. military members and veterans, pre-commissioned officers, and spouses or children of these are eligible.
In this article:
Key benefits
USAA offers a variety of VA loan products, including purchase loans, jumbo loans, Streamline Refinances, and cash-out refinances.
USAA also offers a low-down-payment loan for first-time home buyers and several conventional loan options.
The lender charges no origination fees on VA loan products.
The company’s Home Resource Library can help you better understand the buying and financing process.
Need to know
Only U.S. military members, veterans, precommissioned officers, or spouses/children of these parties are eligible for USAA products.
USAA offers only VA and conventional loan products. It does not have USDA or FHA loan programs.
USAA’s physical locations are limited to four states: Colorado, New York, Maryland, and Texas. It still offers mortgages nationwide, though, and you can apply online.
USAA doesn’t offer conventional loans or refinancing in Hawaii or any cash-out refinancing in Texas.
USAA for VA loan home buyers
USAA offers insurance, banking, retirement, and investment services for military members, veterans, and their families, so it’s no surprise that the VA loan — for those who are in or have served in the U.S. military — is its primary lending product. In fact, according to Home Mortgage Disclosure Act (HMDA) data, VA loans accounted for over 64% of USAA’s purchase mortgage originations in 2023.
The lender offers a variety of VA products, including VA purchase loans, VA jumbo loans, VA Streamline Refinances (IRRRLS), VA jumbo Streamline Refinances, and VA cash-out refinances. USAA requires no down payment or origination fee on any of these loans.
USAA for home equity lending
USAA doesn’t offer home equity loans or home equity lines of credit (HELOCs), but it does offer cash-out refinancing — another strategy for borrowing from your home equity. The lender offers VA cash-out options, including traditional and jumbo, and conventional cash-out refinances.
With cash-out refinancing, you’ll take out a new mortgage larger than your current one. The new loan pays off the old one and replaces it entirely. You’ll then be paid the difference between those two balances and can use the cash however you see fit.
Learn more: HELOC versus home equity loan
USAA mortgage rates
USAA is pretty upfront about its mortgage rates and makes them easy to find on its website. You’ll see sample rates on the “Home Loans” page and the “Mortgage Rates” and individual loan pages. Sample rates are available for all loan programs that the lender currently offers. For example, you can find USAA VA mortgage rates on its “VA Loan” page.
On the Mortgage Rates page, you’ll find the numbers broken down into interest, APR, and discount points — giving you insight into how USAA came up with its sample rates. USAA doesn’t go into its assumptions for these rates, but it does offer a disclaimer that they “are not available to every borrower.” The lender also doesn’t give you the option to see a sample rate without discount points. You’ll need to fill out USAA’s online application for a more accurate rate quote.
Dig deeper: APR versus interest rate — What you need to know when mortgage shopping
Applying for a mortgage with USAA
USAA lets you apply for a mortgage online, so the process can be fairly quick and simple. You may also contact a USAA loan officer by phone to start your application or visit one of the lender’s five financial centers. These are located in Colorado Springs, Colo.; West Point, N.Y.; Highland Falls, N.Y.; Annapolis, Md.; and San Antonio, Texas.
There is a USAA mortgage calculator that you can use to determine what your monthly payment may be based on your home price, interest rate, down payment, and loan term. You can also add in taxes, insurance, and homeowners’ association dues for a more accurate number.
This is the lender’s only mortgage-related calculator, though it does have a fairly comprehensive home-buying resource library you can browse for more guidance.
Dig deeper: Try the free Yahoo Finance mortgage calculator
How USAA compares to other mortgage lenders
USAA mortgages vs. Navy Federal mortgages
USAA and Navy Federal are membership-based institutions only open to certain military and government personnel (and their loved ones). But at the mortgage level, Navy Federal outshines its counterpart. The company offers a wider array of home loan options, including home equity loans and HELOCs.
Navy Federal also has more calculator tools, special offerings (like a no-refinance rate drop), and live chat help, which USAA does not.
Navy Federal mortgage review
USAA mortgages vs. Veterans United Home Loans
Veterans United Home Loans is similar to USAA in that it only lends to a select group of military and government personnel. The big difference is that Veterans United offers just one product — the VA loan. The company is the nation’s No. 1 lender by volume in the space, and in 2023, originated over 58,000 VA loans totaling more than $144.5 billion, according to the Department of Veterans Affairs. Veterans United also offers a 24/7 helpline, as well as credit counseling and Realtor services, which USAA does not.
If you want a conventional loan or investment, banking, or insurance services, though, USAA is your only choice among the two.
Veterans United Home Loans review
USAA mortgage FAQs
What credit score do you need for a USAA mortgage?
The credit score you’ll need depends on the USAA loan program you choose. With VA loans, the government doesn’t set a hard minimum, but USAA prefers a minimum 640 credit score. For conventional loans, you’ll usually need at least a 620 to qualify.
Does USAA pay closing costs?
USAA doesn’t cover closing costs, but it also doesn’t charge one of the most common ones — the origination fee (at least on VA loans). This could save you quite a bit on your up-front mortgage costs.
Who qualifies for a USAA mortgage?
To get a USAA mortgage, you’ll first have to become a USAA member. Only U.S. military members, veterans, precommissioned officers, and the spouses/children of these parties are eligible.
Does USAA have an origination fee for mortgages?
USAA does not charge origination fees on its VA mortgages, which comprise the bulk of its lending business. Origination fees typically cost between 0.50% and 1% of the total loan amount.
What are USAA mortgage interest rates?
USAA’s mortgage interest rates change often, but the company displays them prominently on its website and loan pages. Keep in mind that advertised rates often assume a high credit score and include discount points, so they may not accurately reflect the exact rate you’ll qualify for.
We may receive a portion of sales if you purchase a product through a link in this article.
Spring is the season of renewal. An opportunity for a fresh start. Walking outside on the first warm and sunny day of the year—and seeing neighbors out and about, too—often feels like a collective sigh of relief. With winter’s chill behind us, spring invites us to lighten up, especially in our homes. The time has come to put away the heavy knits and faux furs and break out the gingham tablecloths and pastel throw pillows. Spring has finally arrived and we’re ready for a refresh.
7 Spring Home Decor Trends for the Ultimate Refresh
We spoke with several interior designers to get the scoop on what spring home decor trends they’re seeing and loving this season. It’s a dreamy mix of fun colors, soft patterns, cozy textures, and a dash of the unexpected. Curious to know more? Read on to learn how to give your home a fresh start with this season’s latest interior trends.
Mixing Patterns
One of the biggest decor trends of the year is individuality. We’re being encouraged to make bold moves when it comes to our design choices at home, and spring is no different. Amber Guyton of Blessed Little Bungalow is fully embracing the trend by mixing patterns for maximalist appeal.
“This spring, I’m encouraging my clients to pattern mix to their hearts’ content!” she says. “Don’t be afraid to layer different patterns with bold colors, even if the foundational color palette is neutral.” If this makes you feel a little uneasy (making a bold move can be intimidating) start small with accent pillows or dish towels. “Mix in something unexpected and outside of your comfort zone to take things up a notch and add interest,” Guyton encourages.
Delicate Wallpaper Prints in Soft Hues
Wallpaper instantly transforms a room, and can make a huge impact on how a space looks and feels. Spring-inspired prints look beautiful year-round, whether you decide on a small, simple pattern or a large-scale print. Julee Wray, owner and head designer of Truss Interiors loves using wallpaper in the bedroom especially. “We love large-scale prints to be used behind headboards,” Truss explains. “It’s a great way to add depth and height in a way framed art can’t.”
Unexpected Red
You’ve likely taken note of the unexpected red theory circulating TikTok. It argues that a pop of red will improve any space, especially if it looks like it’s not supposed to be there. Red can be a challenging color to work with, but Chelsea Albright, the lead designer of Places Studio, is championing the trend, especially this spring.
“Spring is a time to freshen up our spaces, and incorporating unexpected red decor is a great way to add visual energy in a neutral space,” she shares. Some of her favorite ways to add a pop of red are with small pieces of decor.
“Incorporate items like coffee table books, vases, bookends, artwork, and even fresh roses,” she says. “You’ll be surprised how exciting a pop of red can be!”
Playing With Color
“While neutral interiors will forever be a classic, be prepared to see more color this spring,” Scheck asserts. “Home owners are craving layering more character and personality into their homes, and infusing color is a natural way to achieve that.”
There are so many ways to include color into your home this spring, whether it’s wallpaper or simple decor pieces you can swap out with the season. Then, of course, there’s the magic of paint. “In any room you paint, the walls and ceiling should definitely be the same color,” Wray suggests. “Own the color!”
If you’re feeling bold, include both paint and wallpaper for a mix of color and texture—a trick Karen B. Wolf of K+Co. Living loves. “My preference leans toward accenting with paint or wallpaper in pairs. For instance, utilizing one material or color for two opposing walls and another for the remaining pair,” she explains. “This approach tends to harmonize the space and offers ample opportunity for any special feature to shine.”
Natural Wood
Another big interior trend this year is embracing natural wood and ditching fast furniture. “Natural wood is grounding and there’s something about it that feels comforting in a space. It’s huge in design right now and great for the spring season,” notes Bianca Ecklund, Designer and Creative Director at California-based Bianca Ecklund Design.
If your spring home refresh requires new furniture, take the time to explore solid wood pieces. Mother Nature is the ultimate designer, so it makes total sense that natural materials look beautiful and help us feel calm. “For a chic space that pulls you in and feels comfortable, I love using some form of natural wood,” Ecklund says.
Rattan
Audrey Scheck of Audrey Scheck Design wholeheartedly agrees with incorporating natural materials into your home, and she’s especially fond of embracing rattan for spring.
“Rattan infuses warmth and texture into any space, effortlessly evoking a relaxed aesthetic in an organic way,” she asserts. “It’s a very versatile material and can be seamlessly integrated into a home through furniture, light fixtures, and decorative accents.”
If natural wood grounds a space, rattan adds a lighter, more playful feel—perfect for the spring season.
Pastels as an Accent
It wouldn’t be spring without a bit of pastel, and if you’re not keen on painting a whole room pastel, why not think of pastel as an accent? “Painting trim, ceilings, and wall wainscoting offer an excellent way to add an extra element of intrigue to a design. This is especially true of spring colors because they inherently equate with new life,” Nina Grauer, interior designer at Dekay & Tate recommends. Pastel trim adds something special to a room, as seen in Grauer’s bedroom design above. She recommends paints with a gloss sheen for pastel woodwork.
If color is not your thing, neutrals come in pastel shades as well. “We are definitely shifting toward warmer colors and are using light brown tones this spring, as they play well with a variety of accent colors such as navy, coral, and ochre,” Laura Chappetto of Element Design Network states.
Welcome to the charming city of Richmond, VA, where history meets modernity and southern hospitality is at its finest. With its cobblestone streets, historic architecture, and bustling arts scene, Richmond offers a unique blend of old-world charm and contemporary allure. Residents here enjoy a thriving culinary scene, picturesque parks, and a strong sense of community. Whether you’re drawn to an apartment in the downtown area of Richmond or a rental house in the peaceful suburbs, there’s something for everyone.
In this Apartment Guide article, we’ll cut to the chase, breaking down the pros and cons of moving to Richmond. Let’s get started and see what awaits in this historic and vibrant city.
Pros of living in Richmond, VA
1. Rich history and culture
Richmond is steeped in history and culture, offering residents a deep sense of heritage and tradition. From the historic cobblestone streets of Shockoe Bottom to the iconic Monument Avenue lined with statues of Confederate leaders, the city is a living museum of American history. The Virginia Museum of Fine Arts and the American Civil War Museum provide enriching experiences for art and history enthusiasts, while the city’s vibrant arts scene showcases local talent and creativity.
2. Outdoor recreational opportunities
With its proximity to the James River and the scenic beauty of the surrounding area, Richmond boasts an abundance of outdoor recreational opportunities. Residents can enjoy kayaking, paddleboarding, and tubing on the river, as well as hiking and mountain biking along the extensive trail system. The city’s numerous parks and green spaces, such as Maymont Park and Belle Isle, offer tranquil retreats for nature lovers and outdoor enthusiasts.
3. Culinary delights
Richmond’s culinary scene is a melting pot of flavors and influences, with a diverse array of restaurants, cafes, and food trucks to satisfy every palate. From Southern comfort food and barbecue joints to trendy farm-to-table eateries and international cuisine, the city’s dining options are as varied as they are delicious. The annual Beer, Bourbon, and BBQ Festival and Lebanese Food Festival celebrate the city’s culinary diversity, showcasing the talents of local chefs and artisans.
4. Affordable cost of living
One of the appealing aspects of living in Richmond is its relatively affordable cost of living compared to other major cities on the East Coast. The average rent for a 2 bedroom apartment in Richmond is $1,754, below the national median rent of $1,987. Housing options range from historic homes in charming neighborhoods to modern apartments in the bustling downtown areas, offering residents a variety of choices to suit their lifestyle and budget. The city’s lower overall cost of living allows for a comfortable and fulfilling life without breaking the bank.
5. Thriving arts and music scene
Richmond has a thriving arts and music scene, with a strong sense of community and creativity that permeates the city. The First Fridays Art Walk showcases the work of local artists and galleries, while live music venues like The National and The Broadberry host a diverse range of performances, from indie rock and hip-hop to jazz and blues.The annual Richmond Folk Festival showcases local musicians as well as larger national acts. The city’s support for the arts fosters a vibrant cultural landscape that enriches the lives of residents and visitors alike.
6. Access to higher education
Richmond is home to several prestigious colleges and universities, including the University of Richmond, Virginia Commonwealth University, and Virginia Union University. The presence of these institutions not only contributes to the city’s intellectual and cultural vibrancy but also provides opportunities for lifelong learning and personal growth. Residents have access to a wide range of educational and enrichment programs, as well as cultural events and lectures hosted by the local academic community.
7. Close-knit communities
Richmond is known for its close-knit communities and strong sense of neighborhood pride, fostering a welcoming and inclusive environment for residents. From the historic charm of Church Hill to the eclectic energy of Carytown, each neighborhood has its own distinct character and identity. The city’s strong community spirit is evident in the numerous local events, farmers’ markets, and neighborhood gatherings that bring people together and create a sense of belonging.
Cons of living in Richmond, VA
1. Humid climate and unpredictable weather
Richmond’s climate is characterized by hot, humid summers and mild winters, with occasional extreme weather events such as hurricanes and tropical storms. The high humidity levels can be uncomfortable for some residents, especially during the summer months, while the unpredictable weather patterns may pose challenges for outdoor activities and planning daily routines.
2. Traffic congestion and limited public transportation
Like many urban areas, Richmond experiences traffic congestion, particularly during rush hours and peak travel times. The city’s public transportation system, while improving, still has limitations in terms of coverage and frequency, making it less convenient for some residents to rely on public transit for their daily commutes. The lack of comprehensive public transportation options may contribute to traffic congestion and parking challenges in certain areas.
3. Limited job opportunities in certain industries
While Richmond has a diverse economy with a strong presence in sectors such as finance, healthcare, and government, some residents may find limited job opportunities in certain industries. The city’s job market may not be as robust in fields like technology and creative industries compared to larger metropolitan areas, which could pose challenges for individuals seeking employment in specific sectors. Major employers in Richmond include VCU Health Systems, Capital One Financial, Virginia Commonwealth University, and Dominion Energy.
4. Allergens and pollen levels
Richmond’s natural beauty and lush greenery come with a downside for allergy sufferers, as the city experiences high pollen levels during certain times of the year. Residents with allergies may find themselves affected by seasonal allergens, which can impact their overall well-being and quality of life, requiring them to take extra precautions and seek appropriate medical care.
5. Limited nightlife options
While Richmond has a vibrant arts and music scene, some residents may find the city’s nightlife options to be relatively limited compared to larger urban centers. The availability of late-night entertainment, bars, and clubs may not be as extensive as in other cities, which could be a drawback for those seeking a more robust nightlife experience.
Delinquencies are trending down again, with the number of home loans past due by 90 days or more hitting its lowest level in nearly 19 years.
The national delinquency rate, for all mortgages 30 or more days past due but not in foreclosure, was 3.09% at the end of April, according to Intercontinental Exchange. It’s the second-lowest figure on record behind a 2.92% rate in March 2023. April’s late payment metrics featuring widespread declines are a contrast from a recent, small spike last month.
Serious delinquencies fell to their lowest level since August 2005, ICE reported. The 417,000 total properties with mortgages 90 days or more past due, but not in foreclosure, fell by 84,000 properties year-over-year.
In all, 1,658,000 homes nationwide are late on their mortgage payments. However, the number of borrowers who missed a single payment fell by 30,000, while those at least 60 days late fell by 6,000, a 10-month low.
Private mortgage insurers cited homeowners’ rising levels of equity as reason for delinquencies which have stayed relatively quiet in the past two quarters. Despite nearly $17 trillion in equity, Attom Data Solutions recently reported an uptick in the number of properties underwater on their loans.
Other reports have noted upticks in delinquencies for segments such as non-qualified mortgages and Department of Veterans Affairs-backed loans. Late payments for VA loans shot up to 4.66% in the first quarter amid a foreclosure moratorium.
Delinquency cures were down in April for both early and late-stage delinquency, ICE noted. At the same time, the inflow of new 30-day late payments was healthier than in March.
Foreclosure starts were up 4% annually, and sales were up 1.5% in April, with 5,900 transactions. ICE said the sales figure remains roughly half of pre-pandemic norms. Altogether, the foreclosure pre-sale inventory rate continues to recede to just 0.37% in April.
Prepayments shot up to their highest level in eight months, and are up 18% from the same time last year, according to ICE. The firm explained the rise to a 0.52% national rate due to the spring homebuying season despite affordability challenges.
Inside: How to become financially independent? This is something you want to read. Don’t worry — there are steps you can take and strategies you can use!
One of the biggest struggles for most people is how to become financially independent.
There are many different ways you can be more successful in your finances, but there really isn’t one perfect answer. It’s important to think about what your goals are and then develop a strategy that will help you achieve them.
However, you may feel lost on what to do now.
There is no one way to make a living and there are endless ways to do it.
The concept of becoming financially independent may feel impossible to reach.
But, I am here to tell you that becoming financially independent is easier than you think.
I want you to join me on an adventure where we explore how being financially independent doesn’t have to be a huge sacrifice in your life. Just imagine what you could do with all that free time, money, and energy!
In this post, I am going to break down how being financially independent can actually create an amazing way that you live your life.
Financial freedom is the reason for your desire to be financially independent.
What is Financial Independence?
Financial independence is when a person or family has achieved a high level of financial stability and money does not control their lives.
You are working towards financial freedom that is when your assets have reached a point in which you estimate they will cover all of your expenses for the remaining part of your life. There is no need to work unless you desire.
These terms are heavily intertwined in their meanings.
This is something most people haven’t achieved as they are constantly living paycheck to paycheck.
Overall, by becoming financially independent, you have more choices in life.
We will discuss how it’s possible to create a generous and financially independent lifestyle while also staying grounded in your values.
How to Become Financially Independent
Financial independence is the idea that you can be completely free from money becoming a factor in your life.
In order to achieve this, you must find ways to reduce debt while increasing retirement contributions and having money on hand for emergencies.
There are two simple steps to achieving financial independence.
1. What you Want to Do with your Life
This one may seem overwhelming for most people to think about. You are working to the grind just to make money and focused on how much I make a year.
Everyone dreams of living a financially free life, where honesty isn’t needed, emotional attachments aren’t needed, and money can just come into your bank account without you spending a single cent making it.
But creating such a life isn’t easy; to make it happen, the first step is to take stock of what you want to do in your life and find the ways to obtain the following:
Your most fulfilled you have ever been, whether it’s artistic or financial. The freedom of not needing to check in with anyone, not feeling guilty about spending money you worked for.
Your time to do the things you love, whether it’s with family or friends or travel
The best relationships that are healthy and supportive in your life
The best physical health and emotional well-being that you can find.
By making those things your priorities, then you start to design the life you want.
The concept of time freedom is something that will become more important to you as you move from becoming financially independent to ultimately reaching financial freedom.
To create a life of financial independence, it is important to take stock of what one wants in their life and find ways to obtain that.
2. Matching your Money to Desires
You must take personal responsibility for your own finances.
If you don’t make the changes to reach your financial goals, then you will be stuck on a hamster wheel.
For example, debt will hold you back. Period. Until you finally get out of debt, you are a slave to money.
Another example that happens many times is out-of-control spending. The inability to spend less money than you make.
There are many ways for people to become financially independent. You have to craft a plan to match your money to the life you desire.
One way is by living within your means, another is to start making money on the side.
Your lifestyle must match your desires and what you can truly afford.
These two steps are essential in achieving financial independence.
Ways to Become to Reach Financial Independence
Financial independence is the idea that you can achieve financial freedom and continue to work or stay home without worry. Achieving this goal starts with savings and reducing debt, as well as monitoring progress as you work toward your goals.
If you want to learn how to become financially independent in 5 years, then this is exactly what you need to do today.
Making it happen will take hard work but with positivity and willpower, you’ll get there!
1. Know Where You Stand Financially
The first step towards financial independence is to find out where you stand right now (spoiler alert: it might not be where you think it is).
If they are not at zero savings how were they able to get there?
This means you need to understand your net worth.
You determine your net worth by subtracting all of your debts from your assets.
If you have a significant amount of debt, then it is likely you will be starting with a negative net worth. That is okay! You can dig yourself out.
To become financially free, you need to reach a magic number with your liquid net worth to quit working and retire early.
2. Income is Less than Expenses
First, you need to write out your income.
Next, add up all of your monthly expenses.
Take your income minus your expenses.
If your expenses are greater than your income, you will never become financially free and will live stuck in a debt trap.
If your income is higher than your expenses, that is great news! Make sure you start saving money for your future self.
3. Budget
Budgeting is a core principle of financial wellness. Budgeting your money, using the snowball method, and saving for emergencies are all keys to becoming financially independent.
A budget is a tool used to help organize finances and plan for the future.
It can be as simple as writing down what you spend on food each week or as complex as creating a full financial picture of your life.
To create a budget, decide how much income you want to generate in one month and compare that amount to what you currently spend.
Start by listing all your income and expenses for at least the last six months. Then make a plan to tackle any problem areas.
4. Reduce Debt to become Financially Independent
Financial independence is when you have paid off all your debts and are living below your means. This gives you the freedom to do whatever you want, knowing that you don’t need anyone else’s help and are not a slave to debt.
Debtors should find ways to pay off their debt and avoid creating new debt in order to become financially independent.
Pay off your credit card balance before interest or late fees are charged
Avoid taking on any additional charges by using debit cards for purchases
Borrowers should build debt payments into the monthly budget
Debt is inescapable: Drowning and leaning on others until you pay off your debt for good.
5. Save Money
Whether you’re 26 or 66, saving is an integral part of becoming financially free.
This is how you become financially stable.
It’s never too late to start saving money or learn how to invest it in different places.
Enjoy one of these fun money saving challenges!
6. Understand Your Needs & Wants
Achieving financial independence is about creating a life with only needs and wants. It’s about getting rid of the things that make us feel inadequate or less important, like debt, credit cards, and wasting time on social media.
Needs are things like food, rent/mortgage, utilities, transportation, and clothing.
Wants are all the things that make us feel like we’re keeping up with the Joneses’ or how we spend without thinking.
Most people do not have a clue on what is a need and what is a want. Most wants fall into fun spending. A no spend challenge is great for discovering what is truly a need!
7. Spend Less Than you Make
Financial independence is the ability to create a generous, balanced life without relying on others for financial support. That cannot happen if your expenses are greater than your income.
It is about spending less than you make and saving the extra money from your budget at the end of every month.
Track your spending for a few months, then analyze it to find out where you can cut back or save more money.
Look at how can you cut expenses. This could be as simple as cutting back or drastic ways to cut expenses.
8. Create a Rainy Day Fund
Financial independence is a term used to describe a person who has enough wealth that they do not have to work for money. A rainy day fund will help you to achieve this.
A rainy day fund takes your emergency fund one big step further.
Experts agree that a rainy day fund should have at least 6 months’ worth of expenses saved up in case life goes south.
Ideally, money should be pulled from the same day you receive your paycheck, so it never even touches your hands, avoiding temptation entirely.
9. Set Goals
Financial independence is a measure of personal finance that includes three components: financial goals, financial milestones, and knowing what you want your money to be used for.
You must set smart financial goals to become financially free.
Goals may depend on age and where you are in life. You must get clear about your vision for the future.
Ask yourself questions like:
How much should you have in your bank account?
What lifestyle do you want to enjoy? When is it achieved?
What your net worth should be.
Figure out what you need to do to reach your money goals.
10. Lifelong Learner
No matter how much you know, there is always room for more knowledge
Money, investments, and new technologies allow the possibility to grow your money exponentially. With a rich understanding of fiscal responsibility and a desire to progress, there are many ways to find financial liberation.
That happens by investing in learning about money, finances, and investing. Here are the best finance books I recommend.
Fastest Way to Become Financially Independent
It’s never too late to start investing in your financial independence. If you wait until the last minute, it will be difficult for you to make significant progress on your plan and stay on track with what needs to happen first.
You need to find ways to diversify your income and make more money.
That is the key for those who reach financial independence in 5 years or less.
Diversifying your income will help balance out how much money you make. You know the saying, “Don’t put all of your eggs in one basket;” the same holds true for your income.
This could be starting a side hustle that turns into a small business. Or freelancing your services. Even more important, learning how to make passive income in the stock market.
Stick around Money Bliss… We have lots of ways for you to make more money.
The Secret to Becoming Financially Independent
The secret to becoming financially independent is to take on one small financial challenge that will open up your eyes and help you understand the world of investing.
Investing is when you put money into stocks, bonds, or other low-risk investments that generate income without any work on your part. It’s called “passive” income because it happens without your involvement.
Investing in the stock market is one of the most common ways to invest, but there are other choices you might want to consider too. You can invest in bonds or look at real estate.
This is the secret of those who already have become financially independent.
How to Become Financially Independent from Parents
More than half of millennials over 21 are receiving financial help from a parent or guardian. However, many young people are beginning to realize that they can become financially independent from their parents by developing their own skills and connections in the workforce.
– Achieving personal independence is not always easy but does come with some benefits.
– It gives you more control over your life and allows you to pursue passions without feeling weighed down by debt or other obligations.
But, parents should also work on changes to help their children. For example, they can focus on showing proper money management skills and talking through financial decisions.
That way when high schoolers or young adults are ready to make their own financial decisions they have a strong foundation of knowledge of money.
How can young adults become financially independent?
Young adults are often advised to focus on building wealth in order to become financially independent.
Young adults must learn how to track expenses and make a budget.
Saving money needs to be a priority for them, so sharing housing with friends will lower expenses.
Young adults should also take into consideration their future income potential and consider whether or not they plan on continuing higher education after graduation.
What parents can do to encourage financial independence
Parents should encourage their children to become financially independent as it will benefit them in the future.
If parents always step in and solve problems, they may be preventing their kids from learning important skills that would allow them to meet their needs while putting off wants for the future.
This will only lengthen the amount of time needed to reach financial independence and this will eventually prevent an individual from reaching FI.
As parents, even if you have not been wise with money, teach those valuable lessons to your kids. Then, they can learn from your mistakes and change the trajectory of their lives.
Start Working toward your Financial Independence Today
Millions of Americans are financially dependent on someone else.
There is a lot to be said about financial independence and the perks that come along with it.
Do you want to avoid having a life of financial worry and debt?
There are numerous ways to become financially independent. Above, we have shared how to FI, ways to make financial independence happen faster, and the secrets to success.
Just to recap…
Budgeting can help you make sure you have enough income to achieve your financial goals.
Start by looking at areas of life that would be easiest for you to change, like your spending habits. The more you change how you spend, the easier it will be for that money to go farther and last longer.
If saving is another area that’s difficult for you, you might want to think about how much your spending is and then try to save that amount each week. Setting aside a specific chunk of money will make saving more manageable and help you meet the goal quicker.
Creating a generous lifestyle that includes leisure time and spending money on experiences over material things
Using the power of compounding interest
Living within your means.
Build wealth through investing in stocks, bonds, mutual funds, and other forms of investments.
In the long run, these principles will help you focus on what matters most to you so that your life is more meaningful and rewarding in general.
Now, learn how to become a millionaire with no money.
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