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The average rate on a 30-year fixed mortgage is 7.39%. Rates are averaging 6.66% for 15-year fixed mortgages and 7.37% for jumbo mortgages.
*Data accurate as of June 24, 2024, the latest data available.
30-year fixed mortgage rates
The average mortgage rate for 30-year fixed loans held at 7.39% from last week, according to data from Curinos. The rate is down from last month’s 7.56% and up from a year ago when it was 7.19%.
At the current 30-year fixed rate, you’ll pay about $690 each month for every $100,000 you borrow — down from about $693 last week.
Ready to buy? Compare the best mortgage lenders.
15-year fixed mortgage rates
Mortgage rates for 15-year fixed loans rose to an average of 6.66% from 6.63% last week. That’s down from last month’s 6.82% and up from last year’s 6.37%.
For every $100,000 you borrow, you’ll pay about $690 a month, based on the current 15-year fixed rate. That’s down from about $877 last week.
30-year jumbo mortgage rates
The average mortgage rate for 30-year jumbo loans rose to 7.37% from 7.33% last week. The rate is down from last month’s 7.41% and up from a year ago when it was 6.92%.
At the current 30-year jumbo rate, you’ll pay about $689 each month for every $100,000 you borrow — up from about $688 last week.
Methodology
To determine average mortgage rates, Curinos uses a standardized set of parameters. For conventional mortgages, the calculations are based on an owner-occupied, one-unit property with a loan amount of $350,000. For jumbo mortgages, the loan amount is $766,550. These calculations assume an 80% loan-to-value ratio, a credit score of 740 or higher and a 60-day lock period.
Frequently asked questions (FAQs)
Mortgage rates are determined by a variety of factors, including the overall economy, inflation and the actions of the Federal Reserve. Mortgage lenders then set their loan rates based on these economic elements.
The rate you’re offered on a mortgage will also depend not only on the lender but also on your credit score, income, debt-to-income (DTI) ratio and other parts of your financial profile.
If you opt for a rate lock, you can typically do so for 30 to 60 days, depending on the lender. In some cases, you might be able to lock in your rate for up to 120 days.
Keep in mind that while some lenders allow you to lock in a mortgage rate for free, you’ll likely have to pay a fee for a longer lock period. This fee generally ranges from 0.25% to 0.5% of your loan amount. You could also be charged a fee if you want to extend the lock period — usually 0.375% of the loan amount.
There are several strategies that could help you qualify for the best mortgage rate, such as:
Checking your credit: When you apply for a mortgage, the lender will review your credit to determine your creditworthiness as well as your interest rate. In general, the higher your credit score, the lower your rate will be. So before you apply, it’s a good idea to check your credit to see where you stand. If you find any errors in your credit report, dispute them with the appropriate credit bureau to potentially boost your score.
Comparing lenders: Taking the time to shop around and compare your options from as many lenders as possible can help you find the best deal. In addition to rates, make sure to also consider each lender’s terms, fees and eligibility requirements.
Improving your credit score: If you have less-than-perfect credit and can wait to apply for a mortgage, it could be worth working to improve your credit beforehand to qualify for better rates in the future. Some possible ways to boost your credit include paying all of your bills on time and aiming to keep your credit utilization (the amount of credit you’ve used compared to your credit limits) on credit cards and lines of credit at 30% or less.
Reducing debt: Paying down debt could help lower your DTI ratio, which is how much you owe in monthly debt payments compared to your income. Having a lower DTI ratio can make you look like less of a risk in the eyes of a lender, which can result in a lower rate.
Choosing a shorter repayment term: Lenders typically offer lower rates to borrowers who opt for shorter terms. For example, you’ll likely get a lower rate on a 15-year mortgage compared to a 30-year loan.
Blueprint is an independent publisher and comparison service, not an investment advisor. The information provided is for educational purposes only and we encourage you to seek personalized advice from qualified professionals regarding specific financial decisions. Past performance is not indicative of future results.
Blueprint has an advertiser disclosure policy. The opinions, analyses, reviews or recommendations expressed in this article are those of the Blueprint editorial staff alone. Blueprint adheres to strict editorial integrity standards. The information is accurate as of the publish date, but always check the provider’s website for the most current information.
Jamie Young is Lead Editor of loans and mortgages at USA TODAY Blueprint. She has been writing and editing professionally for 12 years. Previously, she worked for Forbes Advisor, Credible, LendingTree, Student Loan Hero, and GOBankingRates. Her work has also appeared on some of the best-known media outlets including Yahoo, Fox Business, Time, CBS News, AOL, MSN, and more. Jamie is passionate about finance, technology, and the Oxford comma. In her free time, she likes to game, play with her two crazy cats (Detective Snoop and his girl Friday), and try to keep up with her ever-growing plant collection.
Megan Horner is editorial director at USA TODAY Blueprint. She has over 10 years of experience in online publishing, mostly focused on credit cards and banking. Previously, she was the head of publishing at Finder.com where she led the team to publish personal finance content on credit cards, banking, loans, mortgages and more. Prior to that, she was an editor at Credit Karma. Megan has been featured in CreditCards.com, American Banker, Lifehacker and news broadcasts across the country. She has a bachelor’s degree in English and editing.
Ashley Harrison is a USA TODAY Blueprint loans and mortgages deputy editor who has worked in the online finance space since 2017. She’s passionate about creating helpful content that makes complicated financial topics easy to understand. She has previously worked at Forbes Advisor, Credible, LendingTree and Student Loan Hero. Her work has appeared on Fox Business and Yahoo. Ashley is also an artist and massive horror fan who had her short story “The Box” produced by the award-winning NoSleep Podcast. In her free time, she likes to draw, play video games, and hang out with her black cats, Salem and Binx.
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Summer is officially here ladies, and you know what that means—stocking up on your fave sunscreen, investing in an Instagrammable pool float for pics with the besties, and of course, snagging over 20 cute swimsuits and coverups in celebration of the warm weather. But apart from living at the beach and pool for most of the week, we obviously need to also stock up on other cute summer staples to help us beat the heat and stay cool while we do other things like go to work and run errands. And the best place to score stunning pieces you’ll want to wear all year long is Urban Outfitters.
Lucky for us, they’re currently having a mega sale where you can find dresses and shorts for $19.99, graphic tees for $14.99, and even home decor for only $4.99! Yes, you read that right. So, if you’ve been waiting for the chance to spruce up your place with cute summer finds, and revamp your wardrobe, it’s now or never girlies. Keep scrolling to shop our top picks from their jaw-dropping summer sale.
Jacksonville, Florida, is a city known for its vibrant culture, stunning coastline, and diverse communities. Within its sprawling landscape, several neighborhoods stand out for their luxurious amenities, prime locations, and high-end real estate. If you’re looking to rent an apartment in Jacksonville and are curious about the most expensive neighborhoods, we’ve gathered a list of the most expensive Jacksonville neighborhoods to rent an apartment this year. These exclusive enclaves offer residents a unique blend of upscale living and proximity to Jacksonville’s finest dining, shopping, and entertainment options. Whether nestled along the picturesque waterfront or within gated communities, these neighborhoods represent the pinnacle of affluent living in the city.
13 Most Expensive Neighborhoods in Jacksonville
From the picturesque Sandalwood to the mid-century neighborhood of Ortega Hills, there several neighborhoods in Jacksonville where the average rent is higher than the city’s average of $1,343 for a 1 bedroom apartment. Whether you’re looking for an airy home to rent in Jacksonville or wondering where to live in the city, read on to find out what neighborhoods made the list.
1. Sandalwood 2. Brooklyn 3. San Marco 4. Golden Glades – The Woods 5. Windy Hill 6. Bay Meadows 7. Southeast Jacksonville 8. Secret Cove 9. Mandarin Station – Losco 10. Southside 11. Chimney Lakes 12. Deerwood 13. Ortega Hills
Let’s jump in and see what these neighborhoods have to offer.
1. Sandalwood
Average 1-bedroom rent: $2,208 Apartments for rent in Sandalwood
Sandalwood is the most expensive neighborhood in Jacksonville, as the average rent for a one-bedroom unit is $2,208. The neighborhood is a friendly area known for its suburban feel and convenient amenities. It offers a variety of housing options, including single-family homes, townhouses, and apartments. Residents have access to ample shopping and dining options, with nearby St. Johns Town Center providing a mix of major retailers, boutique shops, and diverse restaurants. The area is also home to several parks and recreational facilities, such as the Sandalwood Canal Park, which features sports fields, playgrounds, and walking trails. Additionally, Sandalwood is well-regarded for its schools and community-oriented atmosphere.
2. Brooklyn
Average 1-bedroom rent: $2,093 Apartments for rent in Brooklyn
The Brooklyn neighborhood is a vibrant and rapidly developing area known for its blend of historic charm and modern amenities. Located near downtown, Brooklyn offers residents easy access to the city’s core while maintaining a unique neighborhood feel. The area is characterized by a mix of historic homes and new apartment complexes, providing a range of housing options for renters and homeowners alike. Brooklyn is also home to the bustling Brooklyn Station on Riverside, a shopping and dining hub featuring popular spots like The Bearded Pig BBQ and Burrito Gallery. Additionally, the neighborhood boasts several parks, such as Brooklyn Park and Unity Plaza, which offer green spaces and community events, making it an attractive location for those seeking a dynamic urban lifestyle with a sense of community. The average rent for one-bedroom apartments is $2,093, which is about $600 above the city’s average, making it a pricier neighborhood. However, Brooklyn’s charm and amenities are definitely worth it.
3. San Marco
Average 1-bedroom rent: $1,966 Apartments for rent in San Marco
With an average one-bedroom rent of $1,966, San Marco is the third most expensive neighborhood in Jacksonville. The area boasts a blend of Mediterranean and early 20th-century architecture, with many beautifully preserved homes and tree-lined streets. Residents enjoy a variety of shopping and dining options like the popular Bistro AIX and Taverna on San Marco Boulevard. San Marco is also home to several parks, including the scenic Riverfront Park, offering stunning views of the St. Johns River. The neighborhood’s combination of cultural attractions, such as the historic San Marco Theatre, and its close-knit community make it an appealing place for renters of all ages.
4. Golden Glades – The Woods
Average 1-bedroom rent: $1,860 Apartments for rent in Golden Glades – The Woods
Golden Glades – The Woods is known for its serene, suburban atmosphere and well-maintained community spaces. It offers a blend of natural beauty and modern amenities, making it an attractive choice for renters. The neighborhood features a variety of shopping options, with convenient access to stores and services along Beach Boulevard and nearby shopping centers. Dining options are plentiful, with local favorites offering everything from casual eateries to more upscale dining experiences. Residents can enjoy outdoor activities at nearby parks like the Castaway Island Preserve, which offers trails, picnic areas, and stunning views of the Intracoastal Waterway.
5. Windy Hill
Average 1-bedroom rent: $1,763 Apartments for rent in Windy Hill
Next up on our list, Windy Hill is a diverse and dynamic community known for its convenient location and suburban amenities. It offers a variety of shopping options, with St. Johns Town Center nearby, providing residents with access to major retailers, dining establishments, and entertainment venues. The dining scene includes popular local spots like Cantina Louie for Mexican cuisine and Seven Bridges Grille & Brewery for American fare and craft beers. Windy Hill is home to several parks and recreational facilities, such as Windy Hill Park, which features playgrounds, sports fields, and picnic areas. Architecturally, the neighborhood boasts a mix of mid-century homes, modern single-family houses, and contemporary apartment complexes, catering to a wide range of rental preferences and lifestyles.
6. Bay Meadows
Average 1-bedroom rent: $1,687 Apartments for rent in Bay Meadows
Next up is Bay Meadows, the sixth most expensive neighborhood in Jacksonville. The area features a variety of shopping options, including the nearby St. Johns Town Center, which offers a mix of major retailers, boutiques, and dining establishments. Residents enjoy a diverse dining scene with popular spots like Cantina Laredo for Mexican cuisine. The neighborhood is also home to several parks and green spaces, such as the peaceful Baymeadows Regional Park, which provides recreational facilities and walking trails.
7. Southeast Jacksonville
Average 1-bedroom rent: $1,630 Apartments for rent in Southeast Jacksonville
Appropriately located south and east of downtown, Southeast Jacksonville has a friendly atmosphere and community-feeling, with plenty of local cafes and restaurants along Baymeadows Road. Dining in the area is diverse, with everything from upscale restaurants like The Capital Grille to casual eateries like Metro Diner. The neighborhood also boasts several parks, such as the scenic Losco Regional Park, providing ample opportunities for outdoor recreation and family activities.
8. Secret Cove
Average 1-bedroom rent: $1,550 Apartments for rent in Secret Cove
Secret Cove takes the eighth spot on our list of most expensive neighborhoods in Jacksonville. The average rent for a one-bedroom unit is roughly $300 more than the city’s average. The area is characterized by well-maintained single-family homes, often featuring spacious yards and mature trees, providing a suburban feel within the city. Secret Cove also boasts several parks and recreational areas, including the scenic Brackridge Park, which offers walking trails, playgrounds, and sports facilities. The neighborhood’s combination of quiet streets, green spaces, and proximity to amenities makes it a desirable location for renters and homeowners at all stages of life.
9. Mandarin Station – Losco
Average 1-bedroom rent: $1,525 Apartments for rent in Mandarin Station – Losco
A well-loved Jacksonville neighborhood, Mandarin Station – Losco is the next area. This area boasts a mix of single-family homes and townhouses, often set on spacious lots with lush landscaping. Residents enjoy convenient access to shopping and dining options, with the nearby Mandarin Corners Shopping Center and various local restaurants offering a range of cuisines. The neighborhood is also close to several parks, such as Losco Regional Park, which features sports fields, playgrounds, and picnic areas. With its blend of residential comfort, amenities, and green spaces, Mandarin Station – Losco is an attractive choice for those seeking a peaceful yet well-connected place to live in Jacksonville.
10. Southside
Average 1-bedroom rent: $1,499 Apartments for rent in Southside
The tenth most expensive neighborhood in Jacksonville is Southside. This area has a vibrant feeling with its popular restaurants and quirky shops. With easy access to major highways like I-95 and JTB, commuting to downtown Jacksonville or the beaches is a breeze. The area is a shopper’s paradise, featuring the St. Johns Town Center, which offers an array of high-end retailers, dining options, and entertainment venues. For those who enjoy outdoor activities, the neighborhood boasts several parks and golf courses, such as the Deerwood Country Club and the nearby Brackridge Park. Additionally, Southside’s diverse housing options, ranging from modern apartments to upscale single-family homes, cater to a variety of lifestyles and preferences
11. Chimney Lakes
Average 1-bedroom rent: $1,477 Apartments for rent in Chimney Lakes
Number 11 on our list is Chimney Lakes. Residents here enjoy easy access to the expansive Oakleaf Town Center, which features a variety of shops, restaurants, and entertainment options. The neighborhood is home to highly-rated schools such as Chimney Lakes Elementary. Outdoor enthusiasts appreciate the nearby Westside Regional Park, offering ample green space, trails, and recreational facilities. Chimney Lakes’ mix of affordable housing options, from cozy single-family homes to modern townhouses, provides a range of choices for prospective residents.
12. Deerwood
Average 1-bedroom rent: $1,415 Apartments for rent in Deerwood
Taking the 12th spot is Deerwood. The Deerwood neighborhood is known for its upscale, tranquil atmosphere and well-maintained, lush landscapes. As a gated community, it offers a sense of security and exclusivity, appealing to both families and professionals. The area also boasts several parks and recreational facilities, including golf courses, tennis courts, and walking trails, providing ample opportunities for outdoor activities. Architecturally, Deerwood showcases a variety of housing styles, from elegant single-family homes to luxurious townhouses, making it a desirable place to live for those seeking a blend of comfort and convenience.
13. Ortega Hills
Average 1-bedroom rent: $1,414 Apartments for rent in Ortega Hills
Lucky 13 on our list is Ortega Hills, a charming and quiet neighborhood known for its friendly atmosphere and scenic surroundings. Located near the St. Johns River, it offers beautiful waterfront views and a peaceful residential environment. The neighborhood features a mix of mid-century homes and more modern constructions, providing a variety of architectural styles. Ortega Hills is also close to several parks, such as Tillie K. Fowler Regional Park, which offers trails, playgrounds, and picnic areas. Additionally, residents enjoy convenient access to shopping and dining options, with various local shops and restaurants just a short drive away, making it a comfortable and pleasant place to live.
Methodology: Whether a neighborhood has an average 1-bedroom rent price over the city’s average. Average rental data from Rent.com in June 2024.
Jacksonville, Florida, is a city known for its vibrant culture, stunning coastline, and diverse communities. Within its sprawling landscape, several neighborhoods stand out for their luxurious amenities, prime locations, and high-end real estate. If you’re looking to rent an apartment in Jacksonville and are curious about the most expensive neighborhoods, we’ve gathered a list of the most expensive Jacksonville neighborhoods to rent an apartment this year. These exclusive enclaves offer residents a unique blend of upscale living and proximity to Jacksonville’s finest dining, shopping, and entertainment options. Whether nestled along the picturesque waterfront or within gated communities, these neighborhoods represent the pinnacle of affluent living in the city.
13 Most Expensive Neighborhoods in Jacksonville
From the picturesque Sandalwood to the mid-century neighborhood of Ortega Hills, there several neighborhoods in Jacksonville where the average rent is higher than the city’s average of $1,343 for a 1 bedroom apartment. Whether you’re looking for an airy home to rent in Jacksonville or wondering where to live in the city, read on to find out what neighborhoods made the list.
1. Sandalwood 2. Brooklyn 3. San Marco 4. Golden Glades – The Woods 5. Windy Hill 6. Bay Meadows 7. Southeast Jacksonville 8. Secret Cove 9. Mandarin Station – Losco 10. Southside 11. Chimney Lakes 12. Deerwood 13. Ortega Hills
Let’s jump in and see what these neighborhoods have to offer.
1. Sandalwood
Average 1-bedroom rent: $2,208 Apartments for rent in Sandalwood
Sandalwood is the most expensive neighborhood in Jacksonville, as the average rent for a one-bedroom unit is $2,208. The neighborhood is a friendly area known for its suburban feel and convenient amenities. It offers a variety of housing options, including single-family homes, townhouses, and apartments. Residents have access to ample shopping and dining options, with nearby St. Johns Town Center providing a mix of major retailers, boutique shops, and diverse restaurants. The area is also home to several parks and recreational facilities, such as the Sandalwood Canal Park, which features sports fields, playgrounds, and walking trails. Additionally, Sandalwood is well-regarded for its schools and community-oriented atmosphere.
2. Brooklyn
Average 1-bedroom rent: $2,093 Apartments for rent in Brooklyn
The Brooklyn neighborhood is a vibrant and rapidly developing area known for its blend of historic charm and modern amenities. Located near downtown, Brooklyn offers residents easy access to the city’s core while maintaining a unique neighborhood feel. The area is characterized by a mix of historic homes and new apartment complexes, providing a range of housing options for renters and homeowners alike. Brooklyn is also home to the bustling Brooklyn Station on Riverside, a shopping and dining hub featuring popular spots like The Bearded Pig BBQ and Burrito Gallery. Additionally, the neighborhood boasts several parks, such as Brooklyn Park and Unity Plaza, which offer green spaces and community events, making it an attractive location for those seeking a dynamic urban lifestyle with a sense of community. The average rent for one-bedroom apartments is $2,093, which is about $600 above the city’s average, making it a pricier neighborhood. However, Brooklyn’s charm and amenities are definitely worth it.
3. San Marco
Average 1-bedroom rent: $1,966 Apartments for rent in San Marco
With an average one-bedroom rent of $1,966, San Marco is the third most expensive neighborhood in Jacksonville. The area boasts a blend of Mediterranean and early 20th-century architecture, with many beautifully preserved homes and tree-lined streets. Residents enjoy a variety of shopping and dining options like the popular Bistro AIX and Taverna on San Marco Boulevard. San Marco is also home to several parks, including the scenic Riverfront Park, offering stunning views of the St. Johns River. The neighborhood’s combination of cultural attractions, such as the historic San Marco Theatre, and its close-knit community make it an appealing place for renters of all ages.
4. Golden Glades – The Woods
Average 1-bedroom rent: $1,860 Apartments for rent in Golden Glades – The Woods
Golden Glades – The Woods is known for its serene, suburban atmosphere and well-maintained community spaces. It offers a blend of natural beauty and modern amenities, making it an attractive choice for renters. The neighborhood features a variety of shopping options, with convenient access to stores and services along Beach Boulevard and nearby shopping centers. Dining options are plentiful, with local favorites offering everything from casual eateries to more upscale dining experiences. Residents can enjoy outdoor activities at nearby parks like the Castaway Island Preserve, which offers trails, picnic areas, and stunning views of the Intracoastal Waterway.
5. Windy Hill
Average 1-bedroom rent: $1,763 Apartments for rent in Windy Hill
Next up on our list, Windy Hill is a diverse and dynamic community known for its convenient location and suburban amenities. It offers a variety of shopping options, with St. Johns Town Center nearby, providing residents with access to major retailers, dining establishments, and entertainment venues. The dining scene includes popular local spots like Cantina Louie for Mexican cuisine and Seven Bridges Grille & Brewery for American fare and craft beers. Windy Hill is home to several parks and recreational facilities, such as Windy Hill Park, which features playgrounds, sports fields, and picnic areas. Architecturally, the neighborhood boasts a mix of mid-century homes, modern single-family houses, and contemporary apartment complexes, catering to a wide range of rental preferences and lifestyles.
6. Bay Meadows
Average 1-bedroom rent: $1,687 Apartments for rent in Bay Meadows
Next up is Bay Meadows, the sixth most expensive neighborhood in Jacksonville. The area features a variety of shopping options, including the nearby St. Johns Town Center, which offers a mix of major retailers, boutiques, and dining establishments. Residents enjoy a diverse dining scene with popular spots like Cantina Laredo for Mexican cuisine. The neighborhood is also home to several parks and green spaces, such as the peaceful Baymeadows Regional Park, which provides recreational facilities and walking trails.
7. Southeast Jacksonville
Average 1-bedroom rent: $1,630 Apartments for rent in Southeast Jacksonville
Appropriately located south and east of downtown, Southeast Jacksonville has a friendly atmosphere and community-feeling, with plenty of local cafes and restaurants along Baymeadows Road. Dining in the area is diverse, with everything from upscale restaurants like The Capital Grille to casual eateries like Metro Diner. The neighborhood also boasts several parks, such as the scenic Losco Regional Park, providing ample opportunities for outdoor recreation and family activities.
8. Secret Cove
Average 1-bedroom rent: $1,550 Apartments for rent in Secret Cove
Secret Cove takes the eighth spot on our list of most expensive neighborhoods in Jacksonville. The average rent for a one-bedroom unit is roughly $300 more than the city’s average. The area is characterized by well-maintained single-family homes, often featuring spacious yards and mature trees, providing a suburban feel within the city. Secret Cove also boasts several parks and recreational areas, including the scenic Brackridge Park, which offers walking trails, playgrounds, and sports facilities. The neighborhood’s combination of quiet streets, green spaces, and proximity to amenities makes it a desirable location for renters and homeowners at all stages of life.
9. Mandarin Station – Losco
Average 1-bedroom rent: $1,525 Apartments for rent in Mandarin Station – Losco
A well-loved Jacksonville neighborhood, Mandarin Station – Losco is the next area. This area boasts a mix of single-family homes and townhouses, often set on spacious lots with lush landscaping. Residents enjoy convenient access to shopping and dining options, with the nearby Mandarin Corners Shopping Center and various local restaurants offering a range of cuisines. The neighborhood is also close to several parks, such as Losco Regional Park, which features sports fields, playgrounds, and picnic areas. With its blend of residential comfort, amenities, and green spaces, Mandarin Station – Losco is an attractive choice for those seeking a peaceful yet well-connected place to live in Jacksonville.
10. Southside
Average 1-bedroom rent: $1,499 Apartments for rent in Southside
The tenth most expensive neighborhood in Jacksonville is Southside. This area has a vibrant feeling with its popular restaurants and quirky shops. With easy access to major highways like I-95 and JTB, commuting to downtown Jacksonville or the beaches is a breeze. The area is a shopper’s paradise, featuring the St. Johns Town Center, which offers an array of high-end retailers, dining options, and entertainment venues. For those who enjoy outdoor activities, the neighborhood boasts several parks and golf courses, such as the Deerwood Country Club and the nearby Brackridge Park. Additionally, Southside’s diverse housing options, ranging from modern apartments to upscale single-family homes, cater to a variety of lifestyles and preferences
11. Chimney Lakes
Average 1-bedroom rent: $1,477 Apartments for rent in Chimney Lakes
Number 11 on our list is Chimney Lakes. Residents here enjoy easy access to the expansive Oakleaf Town Center, which features a variety of shops, restaurants, and entertainment options. The neighborhood is home to highly-rated schools such as Chimney Lakes Elementary. Outdoor enthusiasts appreciate the nearby Westside Regional Park, offering ample green space, trails, and recreational facilities. Chimney Lakes’ mix of affordable housing options, from cozy single-family homes to modern townhouses, provides a range of choices for prospective residents.
12. Deerwood
Average 1-bedroom rent: $1,415 Apartments for rent in Deerwood
Taking the 12th spot is Deerwood. The Deerwood neighborhood is known for its upscale, tranquil atmosphere and well-maintained, lush landscapes. As a gated community, it offers a sense of security and exclusivity, appealing to both families and professionals. The area also boasts several parks and recreational facilities, including golf courses, tennis courts, and walking trails, providing ample opportunities for outdoor activities. Architecturally, Deerwood showcases a variety of housing styles, from elegant single-family homes to luxurious townhouses, making it a desirable place to live for those seeking a blend of comfort and convenience.
13. Ortega Hills
Average 1-bedroom rent: $1,414 Apartments for rent in Ortega Hills
Lucky 13 on our list is Ortega Hills, a charming and quiet neighborhood known for its friendly atmosphere and scenic surroundings. Located near the St. Johns River, it offers beautiful waterfront views and a peaceful residential environment. The neighborhood features a mix of mid-century homes and more modern constructions, providing a variety of architectural styles. Ortega Hills is also close to several parks, such as Tillie K. Fowler Regional Park, which offers trails, playgrounds, and picnic areas. Additionally, residents enjoy convenient access to shopping and dining options, with various local shops and restaurants just a short drive away, making it a comfortable and pleasant place to live.
Methodology: Whether a neighborhood has an average 1-bedroom rent price over the city’s average. Average rental data from Rent.com in June 2024.
In the fast-paced beat of modern living, maintaining a well-organized apartment isn’t just about tidiness — it’s a gateway to a comfortable living space. Whether you’re a seasoned minimalist or just beginning your journey to declutter, mastering the art of apartment organization can transform your home into a productive environment. From maximizing storage solutions to embracing minimalist principles, these 18 expert tips will guide you through practical strategies to streamline your space, enhance functionality, and cultivate a harmonious environment that reflects your unique lifestyle and preferences. So whether you are renting an apartment in Philadelphia, PA, or a townhouse in Jersey City, NJ, get ready to dive into the essential strategies that experts swear by for achieving a perfectly organized apartment.
1. Start Simply
Starting simply is important because it prevents feeling overwhelmed and ensures that you can maintain momentum without getting discouraged. Starting small allows you to make steady, manageable progress one step at a time.
“No one likes the idea of taking on the entire home at once. It’s simply daunting and unmanageable. So, my first step advice is to start simply,” says A+ Clutter Clearing of Boca Raton, FL. “By doing so, you’ll find early success which helps you build momentum for another task.”
Some examples of a simple start include a bathroom drawer, linen closet, laundry room, or kitchen junk drawer.
2. Utilize “point of use” storage
“Point of use” storage refers to the practice of storing items as close as possible to the location where they are used. This method is convenient ensuring that everything you need for a specific task is within easy reach.
Professional-Organizer.com is a firm believer that the term “point of use” storage makes living in an apartment easier. They say, “store items where these are used, whether in a cabinet or cart, in your home.’ You can store office and school supplies in your designated home office space, linens in the bathroom adjacent to that room, and cleaning supplies under each sink. This way you always have access to what you need when you need it.”
3. Vocalize why you are keeping items or donating them
Vocalizing why you are keeping or donating items helps clarify your intentions and reinforces your decision-making process, making it easier to stay focused and committed to your organization goals.
“As you sort through your clothing, vocalize why you are keeping the items or donating it, remarks The Clutter Curator. “We find it’s so helpful to hear the ‘why’ and it will either validate why you are keeping it or, you might hear yourself and laugh a bit and actually donate the item. Our clothing holds a lot of stories, use this time to relive them and let them go.”
4. Store things vertically
Storing things vertically maximizes your available space by utilizing the often-overlooked height of a room.
“Storing things vertically in drawers will give up to 30% more storage space as opposed to laying things down flat,” shares Kate of Home Love Method. “If your apartment is small, this will allow for maximum storage and you’ll be able to find your things easier.”
5. Tuck things away in cabinets, closets, and drawers
Tucking things away in cabinets, closets, and drawers helps create a clean and uncluttered living space.
“Apartments can feel small and when surfaces are full it can make them feel even smaller. If possible, try to tuck most things away in cabinets, closets, and drawers,” recommends Call Kate Tidy.
6. Try the “one in, one out rule”
The “one in, one out” rule is an effective strategy for maintaining organization by ensuring that for every new item brought into your home, an existing item is removed.
Jennifer A Dwight Ideal Organizing + Design says, “To keep your closet organized, use the ‘one in, one out’ rule. For instance, when considering purchasing a new pair of shoes, decide which pair you already own will be donated or discarded. By being diligent about this, your closet will stay clutter-free.”
7. Purchase dual-purpose furnishings
Purchasing dual-purpose furniture is a smart way to maximize space in your apartment by combining functionality and storage.
“Get multi-functional storage solutions. Any furniture that offers extra storage is a plus. Think beds that have built in drawers and ottomans that have extra storage,” states Pretty Neat.
“Dual-purpose furnishings are the unsung heroes of apartment organization,” raves Organized by Keli based in Denver, CO. Sofa beds, storage ottomans, and nesting tables deliver a one-two punch, ensuring you make the most of your limited real estate without sacrificing style or comfort.”
Introduce a storage ottoman that serves as both seating and a concealed space for blankets, magazines, or toys. This versatile furniture piece minimizes visible clutter and offers extra seating for guests,” adds Organize with Lia.
8. Turn hangers backward in the closet
Turning hangers in the closet backward is a simple yet effective method to identify which clothes you actually wear.
“Turn your hangers backward in your closet. After wearing an item, return the hanger to its normal direction. At the end of the season, you can quickly see what items you have not worn. Consider letting those items go,” recommends Ever So Organized.
9. Set up a charging station for devices
One of the more challenging things to organize in a home is all the electronic devices, such as phones, tablets, and smartwatches.
“Not only are they always on the move, but they also come with a lot of expensive accessories that can easily get lost. To avoid having these accessories as well as cords spread out all over your home, create a charging station in a centralized area, so that you always have a place to park those devices when not in use,” recommends The Swedish Organizer
10. Add a rolling cart
Adding a rolling cart to your apartment provides portable storage that can be easily moved around as needed.
Organized Calm says, “Incorporate a slimline rolling cart for versatile, mobile storage in your bathroom. Use it to hold toiletries, cleaning supplies, or extra towels, ensuring everything is easily accessible. When guests visit, simply roll the cart out of sight to keep the bathroom looking neat without sacrificing functionality.”
11. Take your best notes in the shower
Have you noticed how often you get a great idea or think of something to add to your ever-growing to-do list when you’re showering with no way to write it down?
Oh So Organized shares, “A simple and effective organizing solution is to affix (using suction cups) a waterproof notepad and pencil inside the shower.”
12. Store products in different spots
“A common organizing mistake with small bathrooms is to store all of one product in the same spot,” notes Nonnahs Driskill of Get Organized Already in Pasadena, CA. For example, if you have three tubes of toothpaste, store the extra two in what I call a “drugstore drawer,” which will probably be in a different area of the apartment. You can even put all but one extra roll of toilet paper in another spot.”
13. Use the back of doors
Using the back of doors for storage adds valuable space to your apartment that is often overlooked.
Kate Bosch Professional Organizing remarks, “When organizing a small space like an apartment, don’t forget to use the backs of doors. Hang a clear shoe pocket organizer on this often-overlooked space to hold small gadgets in the kitchen, toiletries, and washcloths in the bathroom, accessories near the front door, cleaning products in a storage closet, small toys in a child’s room, and shoes in your clothes closet.”
14. Use the most valuable spaces wisely
Using the most valuable spaces wisely in your apartment involves prioritizing storage in areas that are both accessible and versatile.
“With any size space, the key to maintaining order and organization is to not have too much stuff,” says Life with Less Mess. “If your apartment is feeling messy or chaotic, before you start organizing, start decluttering. When you have limited real estate, be sure to use the most valuable spaces wisely. The most-accessible cabinets should have the items you use most often. The same applies to drawers and shelves. Put items you use less often in harder to reach spots so they won’t be in the way during day-to-day.”
15. Create categories and add like with like
Creating categories and grouping like items together simplifies organization and enhances efficiency in your apartment.
“This step assists in seeing how much of one category there might be. Bonus, it might aid in removing a few pieces that are unwanted or discovery of ones that might have been forgotten about,” states Organized Simplicity.
“Keep similar items together for easy access. This means mixing bowls stacked in a cupboard, serving platters stored vertically or in a designated area, canned food arranged by type or frequency of use, spices on a spice rack or drawer organizer, or tupperware stacked with their lids in a nearby bin,” adds KAOS Group.
16. Always remember that “less is more”
Remembering that less is more when organizing your apartment encourages a minimalist approach that focuses on quality over quantity. The best part about living in an apartment and trying to stay organized is that many times you have to live simply due to limited storage space.
“The old mantra of ‘less is more’ is never more applicable than in an apartment where you need things to be multifunctional, like appliances that have dual purposes to minimize taking up too much space, or decorative baskets that serve as design pieces but ultimately help hide your things. This can be accomplished in every room of the house to help save space and stay organized,” shares Decluttered LLC.
17. Designate drop zones
Designating drop zones in your apartment establishes specific areas where items are consistently placed upon entering.
Charlottesville Organizing remarks, “Designate specific areas in your home as drop zones for frequently used items such as keys, mail, coats, or bags. This prevents clutter from spreading throughout the house to ensure that essential items are easily accessible when needed. Consider using specific tools like bowls for keys, hooks for coats, or bins for pet items to enhance functionality for these zones.”
18. Let go of the past and keep an extra hamper for donation items
Letting go of the past and keeping an extra hamper for donation items allows you to efficiently separate belongings you no longer use or need.
“Letting go of the past is key to getting organized,” says Tonia Cordi. “Often we hold onto past experiences of not having enough, or the fear of ‘what if’ which keeps us attached to physical belongings, beliefs and thoughts that create clutter in our lives. Before getting started in a room, ask yourself what am I holding onto from the past that is stopping me from letting go and living in the present.”
Once you’ve reflected on what you need to give up. Start by keeping an extra hamper for donation items.
“One system that I always like to set up for clients in their closets is having an extra hamper in their bedroom or closet that is designated just for donation items. Having the extra hamper labeled ‘donations’ already set up, makes it easy for us to make that quick decision of donating when we don’t like something. Rather than trying on a shirt, not liking it, then throwing it back in your closet or drawer, why not throw it in the donation basket right away? Then, when the basket is full, all you have to do is take the garbage bag out and drop it off at the donation center,” shares All About Organizing.
In the fast-paced beat of modern living, maintaining a well-organized apartment isn’t just about tidiness — it’s a gateway to a comfortable living space. Whether you’re a seasoned minimalist or just beginning your journey to declutter, mastering the art of apartment organization can transform your home into a productive environment. From maximizing storage solutions to embracing minimalist principles, these 18 expert tips will guide you through practical strategies to streamline your space, enhance functionality, and cultivate a harmonious environment that reflects your unique lifestyle and preferences. So whether you are renting an apartment in Philadelphia, PA, or a townhouse in Jersey City, NJ, get ready to dive into the essential strategies that experts swear by for achieving a perfectly organized apartment.
1. Start Simply
Starting simply is important because it prevents feeling overwhelmed and ensures that you can maintain momentum without getting discouraged. Starting small allows you to make steady, manageable progress one step at a time.
“No one likes the idea of taking on the entire home at once. It’s simply daunting and unmanageable. So, my first step advice is to start simply,” says A+ Clutter Clearing of Boca Raton, FL. “By doing so, you’ll find early success which helps you build momentum for another task.”
Some examples of a simple start include a bathroom drawer, linen closet, laundry room, or kitchen junk drawer.
2. Utilize “point of use” storage
“Point of use” storage refers to the practice of storing items as close as possible to the location where they are used. This method is convenient ensuring that everything you need for a specific task is within easy reach.
Professional-Organizer.com is a firm believer that the term “point of use” storage makes living in an apartment easier. They say, “store items where these are used, whether in a cabinet or cart, in your home.’ You can store office and school supplies in your designated home office space, linens in the bathroom adjacent to that room, and cleaning supplies under each sink. This way you always have access to what you need when you need it.”
3. Vocalize why you are keeping items or donating them
Vocalizing why you are keeping or donating items helps clarify your intentions and reinforces your decision-making process, making it easier to stay focused and committed to your organization goals.
“As you sort through your clothing, vocalize why you are keeping the items or donating it, remarks The Clutter Curator. “We find it’s so helpful to hear the ‘why’ and it will either validate why you are keeping it or, you might hear yourself and laugh a bit and actually donate the item. Our clothing holds a lot of stories, use this time to relive them and let them go.”
4. Store things vertically
Storing things vertically maximizes your available space by utilizing the often-overlooked height of a room.
“Storing things vertically in drawers will give up to 30% more storage space as opposed to laying things down flat,” shares Kate of Home Love Method. “If your apartment is small, this will allow for maximum storage and you’ll be able to find your things easier.”
5. Tuck things away in cabinets, closets, and drawers
Tucking things away in cabinets, closets, and drawers helps create a clean and uncluttered living space.
“Apartments can feel small and when surfaces are full it can make them feel even smaller. If possible, try to tuck most things away in cabinets, closets, and drawers,” recommends Call Kate Tidy.
6. Try the “one in, one out rule”
The “one in, one out” rule is an effective strategy for maintaining organization by ensuring that for every new item brought into your home, an existing item is removed.
Jennifer A Dwight Ideal Organizing + Design says, “To keep your closet organized, use the ‘one in, one out’ rule. For instance, when considering purchasing a new pair of shoes, decide which pair you already own will be donated or discarded. By being diligent about this, your closet will stay clutter-free.”
7. Purchase dual-purpose furnishings
Purchasing dual-purpose furniture is a smart way to maximize space in your apartment by combining functionality and storage.
“Get multi-functional storage solutions. Any furniture that offers extra storage is a plus. Think beds that have built in drawers and ottomans that have extra storage,” states Pretty Neat.
“Dual-purpose furnishings are the unsung heroes of apartment organization,” raves Organized by Keli based in Denver, CO. Sofa beds, storage ottomans, and nesting tables deliver a one-two punch, ensuring you make the most of your limited real estate without sacrificing style or comfort.”
Introduce a storage ottoman that serves as both seating and a concealed space for blankets, magazines, or toys. This versatile furniture piece minimizes visible clutter and offers extra seating for guests,” adds Organize with Lia.
8. Turn hangers backward in the closet
Turning hangers in the closet backward is a simple yet effective method to identify which clothes you actually wear.
“Turn your hangers backward in your closet. After wearing an item, return the hanger to its normal direction. At the end of the season, you can quickly see what items you have not worn. Consider letting those items go,” recommends Ever So Organized.
9. Set up a charging station for devices
One of the more challenging things to organize in a home is all the electronic devices, such as phones, tablets, and smartwatches.
“Not only are they always on the move, but they also come with a lot of expensive accessories that can easily get lost. To avoid having these accessories as well as cords spread out all over your home, create a charging station in a centralized area, so that you always have a place to park those devices when not in use,” recommends The Swedish Organizer
10. Add a rolling cart
Adding a rolling cart to your apartment provides portable storage that can be easily moved around as needed.
Organized Calm says, “Incorporate a slimline rolling cart for versatile, mobile storage in your bathroom. Use it to hold toiletries, cleaning supplies, or extra towels, ensuring everything is easily accessible. When guests visit, simply roll the cart out of sight to keep the bathroom looking neat without sacrificing functionality.”
11. Take your best notes in the shower
Have you noticed how often you get a great idea or think of something to add to your ever-growing to-do list when you’re showering with no way to write it down?
Oh So Organized shares, “A simple and effective organizing solution is to affix (using suction cups) a waterproof notepad and pencil inside the shower.”
12. Store products in different spots
“A common organizing mistake with small bathrooms is to store all of one product in the same spot,” notes Nonnahs Driskill of Get Organized Already in Pasadena, CA. For example, if you have three tubes of toothpaste, store the extra two in what I call a “drugstore drawer,” which will probably be in a different area of the apartment. You can even put all but one extra roll of toilet paper in another spot.”
13. Use the back of doors
Using the back of doors for storage adds valuable space to your apartment that is often overlooked.
Kate Bosch Professional Organizing remarks, “When organizing a small space like an apartment, don’t forget to use the backs of doors. Hang a clear shoe pocket organizer on this often-overlooked space to hold small gadgets in the kitchen, toiletries, and washcloths in the bathroom, accessories near the front door, cleaning products in a storage closet, small toys in a child’s room, and shoes in your clothes closet.”
14. Use the most valuable spaces wisely
Using the most valuable spaces wisely in your apartment involves prioritizing storage in areas that are both accessible and versatile.
“With any size space, the key to maintaining order and organization is to not have too much stuff,” says Life with Less Mess. “If your apartment is feeling messy or chaotic, before you start organizing, start decluttering. When you have limited real estate, be sure to use the most valuable spaces wisely. The most-accessible cabinets should have the items you use most often. The same applies to drawers and shelves. Put items you use less often in harder to reach spots so they won’t be in the way during day-to-day.”
15. Create categories and add like with like
Creating categories and grouping like items together simplifies organization and enhances efficiency in your apartment.
“This step assists in seeing how much of one category there might be. Bonus, it might aid in removing a few pieces that are unwanted or discovery of ones that might have been forgotten about,” states Organized Simplicity.
“Keep similar items together for easy access. This means mixing bowls stacked in a cupboard, serving platters stored vertically or in a designated area, canned food arranged by type or frequency of use, spices on a spice rack or drawer organizer, or tupperware stacked with their lids in a nearby bin,” adds KAOS Group.
16. Always remember that “less is more”
Remembering that less is more when organizing your apartment encourages a minimalist approach that focuses on quality over quantity. The best part about living in an apartment and trying to stay organized is that many times you have to live simply due to limited storage space.
“The old mantra of ‘less is more’ is never more applicable than in an apartment where you need things to be multifunctional, like appliances that have dual purposes to minimize taking up too much space, or decorative baskets that serve as design pieces but ultimately help hide your things. This can be accomplished in every room of the house to help save space and stay organized,” shares Decluttered LLC.
17. Designate drop zones
Designating drop zones in your apartment establishes specific areas where items are consistently placed upon entering.
Charlottesville Organizing remarks, “Designate specific areas in your home as drop zones for frequently used items such as keys, mail, coats, or bags. This prevents clutter from spreading throughout the house to ensure that essential items are easily accessible when needed. Consider using specific tools like bowls for keys, hooks for coats, or bins for pet items to enhance functionality for these zones.”
18. Let go of the past and keep an extra hamper for donation items
Letting go of the past and keeping an extra hamper for donation items allows you to efficiently separate belongings you no longer use or need.
“Letting go of the past is key to getting organized,” says Tonia Cordi. “Often we hold onto past experiences of not having enough, or the fear of ‘what if’ which keeps us attached to physical belongings, beliefs and thoughts that create clutter in our lives. Before getting started in a room, ask yourself what am I holding onto from the past that is stopping me from letting go and living in the present.”
Once you’ve reflected on what you need to give up. Start by keeping an extra hamper for donation items.
“One system that I always like to set up for clients in their closets is having an extra hamper in their bedroom or closet that is designated just for donation items. Having the extra hamper labeled ‘donations’ already set up, makes it easy for us to make that quick decision of donating when we don’t like something. Rather than trying on a shirt, not liking it, then throwing it back in your closet or drawer, why not throw it in the donation basket right away? Then, when the basket is full, all you have to do is take the garbage bag out and drop it off at the donation center,” shares All About Organizing.
In case you missed it, the Federal Housing Finance Agency (FHFA) granted conditional approval to Freddie Mac to purchase single-family closed-end second mortgages.
What this means is lenders will now be able to originate second mortgages and sell them off to one of the two government-sponsored enterprises (GSEs).
Arguably, this should improve access to such lending products, and potentially result in cost savings if increased competition drives down interest rates and fees.
At the same time, some have argued that this is inflationary (since it makes it easier for homeowners to take on more debt), while others have said it’s not part of the GSEs core mission to boost homeownership.
I’m here to argue that this new pilot program is very limited and likely won’t change much, at least anytime soon.
What Is Freddie Mac’s New Second Mortgage Pilot Program?
In a nutshell, Freddie Mac is now permitted to purchase second mortgages that meet certain criteria.
As a result, there will be added liquidity in the lending markets for home equity loans, which are closed-end loans.
At the moment, most second liens, whether open-end HELOCs or closed-end home equity loans, are originated by large depository banks that typically keep them on their books.
The nonbanks often don’t have this luxury because it’s capital intensive, so the end result is that fewer mortgage companies offer such loans.
Notice the lack of home equity lending in the chart above provided by ICE, which has since been exacerbated by mortgage rate lock-in.
This can lead to negative outcomes for homeowners who might need access to their home equity to pay off other debt or fund purchases.
In fact, the pilot was approved by the FHFA to determine if the offering will advance Freddie Mac’s “statutory purposes” and benefits homeowners, especially those who reside in rural and underserved communities.
One of the arguments for the program is that HELOC providers often overlook lower-income homeowners in search of more affluent borrowers who open bigger lines of credit.
These happen to be more lucrative for those lenders since the larger the loan, the higher the commission generally.
Anyway, without getting too convoluted, the new program simply makes home equity loans easier to come by.
It’s not much different than the liquidity Freddie Mac (and sister Fannie Mae) provide for first mortgages, which makes them easier to obtain and cheaper too.
Who Qualifies for a Freddie Mac Second Mortgage?
While I myself was critical of this new program, mostly because you can already get a home equity loan from many different providers, there are several guardrails in place to keep this from becoming an unintended monster.
For one, it is limited to $2.5 billion in total loan volume over an 18-month pilot period.
This means once that money is exhausted, the program is closed and will be evaluated to determine if it should continue and/or be expanded.
In addition, the first mortgage must already be owned by Freddie Mac and the loan requires a minimum seasoning period of 24 months.
As such, a homeowner can’t get a Freddie Mac home equity loan unless they’ve had their existing first mortgage for at least two years.
And last but not least, it’s only available on primary residences and loan amounts are capped at $78,277.
This corresponds to subordinate-lien loan thresholds for Qualified Mortgages (QMs).
If you meet ALL these criteria, it may be possible to get a home equity loan behind your existing first mortgage that is backed by Freddie Mac.
Ideally, it will be easier to obtain and cheaper than other alternatives from private banks. But we don’t really know for sure.
This Program Is Going to Be Super Limited
As you can see from the program guidelines above, this isn’t going to be a massive program, at least not initially.
We know they won’t lend more than $2.5 billion, which broken down nationally isn’t a very large number.
For perspective, the nation’s largest second mortgage lender, PNC Bank, originated nearly 80,000 loans in 2022.
Assuming the typical loan is at the max loan amount of $78,277, it would result in less than 32,000 second mortgages being purchased by Freddie Mac.
Arguably it’ll be a lower average loan amount, but that still puts the loan count below that of just one provider.
In other words, it’s likely not going to make a big impact if the pilot doesn’t even generate as much activity as one other lender.
Especially when there are hundreds of other second mortgage providers out there.
But I’m sure everyone will be watching to see how it shakes out, and especially how the underwriting guidelines and mortgage rates compare.
Some also argue that this is just the beginning, and could usher in a full-blown second mortgage program backed by the likes of Freddie Mac AND Fannie Mae.
At which point everyone will be tapping equity left and right, potentially setting off another debt crisis (and eventual housing crisis).
But such worries are a long way away and not even founded at this juncture.
Home Equity Is at All-Time Highs While Withdrawals Are at Their Lows
As for why a program like this is necessary, the argument is to provide options for the underserved and an alternative to a cash out refinance.
The FHFA recognizes that with mortgage rates significantly higher today, refinancing the first mortgage in order to tap equity doesn’t make much sense.
And they know homeowners will do what they have to do if and when they need access to cash.
This could provide a lower-cost option versus a traditional refinance and also broaden participation of such lending to smaller, local shops instead of just big banks.
If you look at the latest stats, you’ll see that home equity withdrawals are rock bottom at a time when home equity has never been higher.
Per ICE, mortgage holders had a collective $16.9 trillion in equity entering the second quarter of 2024, of which $11 trillion could be tapped while maintaining an LTV of 80% or less. Those are both record highs.
Meanwhile, home equity withdrawals in the first quarter were equivalent to just 0.36% of tappable equity available, with both the fourth quarter of 2023 and Q1 2024 withdrawal rates the lowest on record (since 2005).
And about half of home equity withdrawal is happening via cash out refinancing, which likely isn’t ideal for borrowers with low fixed-rate first mortgages they lose in the process.
So we have an environment where home equity lending is already super low and a pilot that greatly limits how much can be generated via the program.
Of course, it is possible that the pilot pushes private lenders to up the ante and that leads to more home equity withdrawals, whether in the best interest of homeowners or not.
United Wholesale Mortgage is asking a Michigan federal court to throw out a class action suit that accuses it of orchestrating a scheme in coordination with brokers to cheat borrowers “out of billions of dollars in excess fees and costs.”
The suit was filed by four borrowers following an explosive report by Hunterbrook Media in April. The venture capital-backed outlet claimed UWM holds independent brokers captive via its All-In Initiative and overcharges borrowers by preventing brokers from shopping around for clients. UWM has vehemently denied the accusations.
Subsequent litigation alleged UWM violated a number of laws including the Racketeer Influenced and Corrupt Organizations Act (RICO) and the Real Estate Settlement Procedures Act (RESPA).
In its motion to dismiss, the wholesale giant calls all of the allegations “meritless” and an attempt to “smear United Wholesale Mortgage, LLC (“UWM”), its affiliates, and even its CEO — all of which serves to benefit market speculators.”
“This Hunterbrook-affiliated lawsuit is a putative class action that raises a kitchen-sink full of claims against UWM, its holding companies, and its CEO,” the motion states.
It further picks apart all of the claims made against it.
The wholesale giant says the suit has failed to plead its racketeering claims, and does not demonstrate the existence of an enterprise engaging in a pattern of such activity. Further, UWM argues that RESPA claims are subject to a one-year statute of limitations and that the time period for all class representatives has expired, making the claim void.
Lastly, UWM points out that the plaintiffs’ claims that it aided and abetted a breach of a broker’s fiduciary duty fail because “mortgage brokers are not per se fiduciaries.”
The attorney representing the plaintiffs did not immediately respond to a request for comment Monday.
UWM argues that contrary to the lawsuit’s statements, brokers use its services because they actually want to, not because they are being held captive. It points to its competitive rates and state-of-the-art technology, which makes for a reliable borrowing experience for customers as the reason why brokers opt to use its services.
It also states that while the complaint “tries to cast repeat business as something nefarious, it is an essential part of growing any business and the result of the unique value UWM provides — tireless customer service, cutting-edge technology, and unmatched speed and reliability,” UWM’s motion filed June 21 reads.
Additionally, the lender defended its ultimatum, adding that two federal courts in Florida and Michigan have thus far upheld its initiative, and its lock-in provision, which allows brokers to lock-in UWM’s rates prior to closing.
The original complaint, lodged by law firm Boies Schiller Flexner LLP, relies heavily on the assertion that UWM’s ultimatum has contributed to borrowers being deprived of cheaper loan options because brokers cannot freely shop around. UWM says this is not the case, as brokers are free to exit the wholesale agreement anytime following a seven day notice.
Regarding its lock-in provision, the wholesale lender says it’s at-will, something a broker can opt for or forgo.
Following Hunterbrook’s investigation and the racketeering lawsuit, industry stakeholders expressed concerns over how the allegations may impact broader customer sentiment about the industry.
Some have predicted the case could lead to more regulatory scrutiny of mortgage brokers, but that in the near-term the accusations alone will shake consumer confidence in home lenders and make borrowers reconsider working with mortgage brokers.
Others have questioned what Hunterbrook’s motives were in publishing such an investigation and asked whether it was ethical journalism. The parent company of Hunterbrook, prior to publishing the story, took a short position in $UWMC, a long position in $RKT, and purchased derivatives at undisclosed amounts.
Amid the unfolding litigation, UWM remains the dominant wholesale lender in the nation.
The Detroit-area lender earned $108.5 million in the first quarter of 2024, compared with losses in the fourth quarter of $461 million and $138.6 million during the first quarter of 2023. Total volume of $27.6 billion included $22.1 billion in purchase loans.
Inside: Learn how to set smart financial goals and change the trajectory of your personal finances. Download our setting financial goals worksheet.
Financial success doesn’t happen just in January. It happens every single day of the year with every single decision you make.
Now, is the time to take your New Year’s resolutions and make them into smart financial goals.
Financial goals will help keep you on track.
There are two ways to look at goals.
You can either set them,
or ignore even making financial goals.
A lot of people don’t like to set financial goals because they feel like they are setting themselves up for failure. (And that is a money mindset that needs to be broken!)
However, by setting smart financial goals, you are more likely to make progress on the things that matter to you most, and that at the end of the day is the most important.
Too many times we see that people are stressed about money and their finances. They prefer to ignore their money situation and dig their head into the sand. You can quickly see that will only make the situation worse, and progress will NEVER be made.
Today, we are going to examine smart financial goals, give a few examples of goals to start with today, and then let you think BIG on long-term financial goals.
Let’s dig in and change your financial future…
What is a Financial Goal?
A financial goal is writing down what you want to accomplish with your money.
It can be big, it can be small.
The size and scope of the money objective does not matter.
The most important part is that you are making a decision, ahead of time about what you want to do with your money.
Everybody has different goals.
Comparing yourself to others is worthless. Each person is on their own financial journey. The only comparison that needs to happen is what is going on with you and your situation.
What are the 5 smart goals?
First, you need to make your goals with this template in mind.
Then, you will become the next millionaire with no money.
S – Specific
An overarching vision for your life is fabulous and will help you to keep on track of what you want to achieve. However, when it comes to making smart financial goals, they need to be specific.
You must clearly identify or define your goal. Be specific.
M – Measurable
With your goal, you must consider how you plan to measure it. Thankfully, this one is easy to quantify with personal finances.
You can gauge progress with dollar amounts or percentages.
If you are paying off debt or starting your journey to saving money, then using dollar amounts makes sense. If you are striving towards financial freedom, then you are looking at savings percentages or metrics to increase your net worth.
A – Attainable
With the smart goal format, we are quick to back off our goals because we don’t think we can achieve them. Don’t sell yourself short.
It is better to reach 80% of your goal than to walk away from it completely because you are 80% closer today than before you set your goal.
Go for a stretch financial goal; you will probably surprise yourself with what you can accomplish. Use those money mantras to keep you on track.
R – Realistic
Think about your financial goal logically. In a levelheaded voice, ask yourself if you are capable of reaching this goal today.
You have to be realistic about the season you are in and what your next financial step is. With the smart goal template, this is the point when you break up your goals into smaller pieces to set reasonable goals.
State your goal in a positive statement.
T – Time-Bound
The last part of the 5 smart goals is probably the most forgotten. Yet, it is the most important to reach your goals.
Changing your perspective on time planning will vastly improve your results.
Keep your financial goals within a timeframe of under 3 months.
Loftier financial goals that are long-term – that is great! You must break them down further into mini-milestones to reach your long term goal.
SMART Goal Example:
A great smart financial goal example would be these statements…
Starting today, I will save $96 each week for the next 52 weeks by transferring money when I get paid.
I will pay off an extra $3000 of student loan debt six months from today.
This year, I will increase my savings percentage to 15% by paying myself first and living off the rest.
These are just a few examples. We will provide more in a little bit.
How To set Smart Financial Goals?
Financial goals will help you make faster progress than you thought possible.
You just must be willing to make changes, be realistic about what you can accomplish, and keep a positive mindset.
Let’s dig in on how to set smart financial goals. This is exactly how you achieve financial goals.
1. Know Where You Stand Financially
That means knowing two important factors. First, what Money Bliss Step to Financial Freedom you are on, and second, what is your net worth?
Those are two benchmarks that will help you to determine what your next financial goal should be.
Without knowing where you stand, you won’t be able to track your progress. Also, knowing your liquid net worth is helpful.
2. Define Your Vision
What is the overarching theme for your life? Think long term 10+ years from now.
Here, at Money Bliss, we like to refer to it as your Dream Big Vision.
This will be the starting point for all of your smart financial goals.
What is the one thing that you want most? This doesn’t have to correlate to money. It can be a LIFE goal.
You must first define your vision to clearly make smart financial goals. Think of it as building blocks. You will progress faster with be stable by building your goals one step at a time versus trying to jump over a few key steps and sinking fast.
Also, make sure you do not have a money block holding you back.
3. Create a Plan
Once you know your Dream Big Vision, you have to create action steps along the way to help you reach it.
That is where the Money Bliss Steps to Financial Freedom will help you define the big financial moves to make along your journey.
Then you can take your personal situation (where you stand financially) and your personal vision to create a plan. Many times your personal finance plan will have many short term and long term financial goals along the way.
Smart Financial Goals Examples
What are some good smart goals? These are the top financial goals we truly believe everyone must accomplish.
Everyone is on their OWN journey.
Here is a list of money goal examples that can be further defined by your situation.
1. Be a constant learner
The first smart financial goal is to be a constant learner. With money management and personal finance, there is so much to learn! We all complain that we weren’t taught how to manage money in schools.
Yet, this is a life-long skill.
Add one or two of these finance books to your booklist. Many of us strive to read books monthly that will enrich our lives.
Recently, I made the decision to want to learn more about investing. While there are a ton of investing books out there (and I have read many of them), I wanted to dig deeper into the investing world. So, I signed up for this course and found a wonderful trading community.
Also, since tax laws are constantly changing, it is wise to stay current on news events and find ways to improve your personal finance situation.
Example #1 – I will read one personal finance book each quarter.
2. Pay Yourself First
This is one of the best long term success factors with money. Yet, it is the hardest for us to grasp.
You must pay yourself first … meaning you save money today for another purpose later.
This is one of the best ways to not be knocked over by unforeseen circumstances and to stay out of debt.
Early on, you must fully fund an emergency fund.
Then, consider saving for a rainy day fund, a down payment on a house, or retirement. This is one of the best money management tips you don’t want to skip.
Example #2 –I will set up automatic withdrawals of 10% of my paycheck to move into a savings account and $200 to Roth IRA when I get paid.
3. Multiple streams of income
A conversation I would love to have with my grandpa is about working for one company for 34 years and retiring with a pension. In today’s world, this is a foreign concept and side hustles are the norm. What would our previous generations say?
Now, you need multiple streams of income.
If you say your job is stable and you’re fine. You are….until you’re not.
That is why you need to be proactive in creating multiple types of income. The quick response is picking up a side hustle. Another would be investing in the stock market. Possibly flipping second-hand items. Maybe picking up a second job.
There are many ways to make money fast. But, you must find ways to make money before you actually need the extra cash.
Example #3– I am going to sign up with Neighbor to lend out the space I don’t use to create extra income.
4. Get out of Debt and Live debt free
You can’t move forward when you have debt hanging over your head and holding you back.
Progress is impossible when you are living with and trying to pay off debt.
The faster you can pay off debt, the better off you are. Then, you need to stay debt free.
This is one of the best smart financial goal examples!
Example #4 – I will pay off the total balance of my student loans before I turn 30.
5. Spend less Than You Earn
This is a simple example. Yet, it is more difficult to achieve with the amount of easy access to credit in our society.
This is an ongoing mandate to live by.
You can easily reach many long term goals, by staying on track in the short term.
Example #5 – I will participate in a no spend challenge for the next 30 days to identify what my spending priorities are.
6. Increase your Saving Percentage
This is one of the best ways to slowly increase your net worth and not notice the difference.
Ultimately, you want to save at least 20% or more of your income. There is no limit to how much you can save.
Save more money today, then work less later.
Yes, there is a trade-off to live below your means. But, the long term impact is well worth it plus you can sleep well at night.
Example #6 – I will increase my saving percentage by 1% each month for the next 12 months. Then, I will be saving 12% of my income.
7. Let money flow through your hands
Too many times, people become so focused on their goals that they forget to let money pass through their hands. This could be with giving money to charitable organizations or paying it forward in the drive-through line.
Don’t make this overall complicated.
Just like Dave Ramsay says about giving, “If you can’t live on 100% of your money, you will still have to make changes to live on 90%.” Start small with giving and increase each year.
Example # 7 – I will research organizations I want to donate money to. Then, pick one to contribute $100 a month for the next year.
8. Keep a Financial goal Journal
Research has shown that if you write down your goals, then you are more likely to achieve them. In fact, statistics show you are 1.4 more likely to reach your goals when you write them down.1
So, be smart and keep track of your financial goals! Plus it is great to look back and see the progress you have made. Each milestone that you have crossed. That is great motivation to keep trucking on your current target.
Example #8 – Buy a money journal and track my progress each month. You can even use Google Keep to create a digital journal.
9. Teach others solid money management skills
Throughout your life, you will learn many valuable lessons. Most of them probably came from the school of hard knocks.
Don’t let those valuable lessons go to waste. Help others learn from your mistakes. We all made them and had to overcome them.
One sentence may positively change the trajectory of someone else’s financial path.
This may seem like an odd example of a smart financial goal. However, your journey has been pivoted by others stepping in to help or maybe be watching others fail.
We need more individuals in this world who understand proper money management. Pass down your knowledge to your kids, local school, friends, neighbors, or by volunteering.
Example #9 – Make monthly meetings with my teenager to discuss money. Discuss a success and failure I did in my past.
10. Retire on Your Terms
The final top financial goal is to retire on your terms when you want.
This looks different from one person to another. Some may want to FIRE. Others love their job and never want to leave. Some are forced to work well beyond what they want.
The key to retiring on your terms is to have enough saved up for you to continue your lifestyle without bringing in earned income.
Honestly, putting off saving for retirement is not a smart financial goal.
Example #10 – Open a Roth IRA and deposit $583 each month to reach the maximum contribution amount each year.
Setting Financial Goals Worksheet
If you want to make progress, you have to take action. If you don’t, then you watch from the sidelines and your dreams go up in smoke.
Take thirty minutes to fill out our financial goals worksheet.
Start with your overall vision. Then, break it down into small bite-sized milestones that you can accomplish. Review monthly and set new money goals once you accomplish previous ones.
Which Financial Goal Examples will you Start With?
Throughout this post, we reiterated this concept. But, it is SO important that it is worth repeating again…
From the top financial goals, what is your next priority?
Personal finances are a long term game. You must assemble building blocks to slowly climb one step at a time.
Start with some of the best financial books to get started.
Also, use these millionaire quotes to stay motivated along the way.
Comment below on what your current financial goal is.
Source
Forbes. “Neuroscience Explains Why You Need To Write Down Your Goals If You Actually Want To Achieve Them
https://www.forbes.com/sites/markmurphy/2018/04/15/neuroscience-explains-why-you-need-to-write-down-your-goals-if-you-actually-want-to-achieve-them/?sh=c59f73c79059. Accessed May 8, 2024.
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