Month: August 2024

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Considering a move to Raleigh, North Carolina? You’re not alone. Known for its thriving job market, vibrant outdoor spaces, and rapidly growing community, Raleigh has become a top destination for people looking to start fresh in a new city. Not sure if the Triangle is for you? Read on to find out what to expect if you’re considering a move to the Raleigh area in 2024.

You know it from: Bull Durham, Cold Mountain

Average 1 bedroom rent: $1,392 | Raleigh apartments for rent, Raleigh houses for rent

Average home price: $450,000 | Raleigh homes for sale

Average cost of full-service moving services: $130/hr for 2 movers

Average cost to rent a moving truck: $19 – $39/day

Top industries: Clean Technology, Life Sciences, Advanced Manufacturing

Move here for: Career opportunities, Higher education, Great beer

Be sure to bring: Your resume and hiking boots

1. The Research Triangle drives innovation

Raleigh is part of the Research Triangle Park (RTP), one of the largest research parks in the world. This hub of innovation attracts top tech companies and universities, including North Carolina State University, Duke University, and the University of North Carolina at Chapel Hill. RTP is a major employment center, offering numerous job opportunities in tech, biotech, and education. Its presence has spurred economic growth and development throughout the region, making Raleigh a hotspot for young professionals and entrepreneurs.

Moving Tip: If you’re looking for a city with a robust job market and cutting-edge research, Raleigh should be on your radar.

2. Raleigh’s green spaces are abundant

Raleigh boasts an impressive array of parks and green spaces. Pullen Park, one of the oldest amusement parks in the U.S., offers paddle boats, a carousel, and plenty of picnic spots. Umstead State Park provides over 5,000 acres of trails, camping, and fishing right in the city’s backyard. The extensive greenways and bike trails make it easy to enjoy outdoor activities year-round. With a commitment to preserving nature, Raleigh ensures that residents have access to serene and scenic environments.

3. The cost of living is relatively affordable

Compared to other major tech hubs, Raleigh offers a relatively affordable cost of living. Housing costs, while rising, are still lower than the national average. Groceries, utilities, and healthcare are also reasonably priced. This affordability makes Raleigh an attractive option for those looking to relocate without breaking the bank. However, it’s important to note that prices are increasing as more people move to the area, so getting in sooner rather than later might be a good idea.

4. Education is top-notch

Raleigh’s education system is highly regarded, with Wake County Public School System being one of the largest and best in the state. The area’s universities, including NC State, provide excellent higher education opportunities. Magnet and charter schools offer specialized programs that cater to diverse educational needs. Raleigh’s commitment to education is evident in its investment in school infrastructure and teacher support. Additionally, the presence of multiple universities fosters a culture of lifelong learning and intellectual engagement.

5. The food scene is no joke

Raleigh’s culinary landscape is a blend of Southern comfort food and international cuisine. Downtown’s Morgan Street Food Hall features a variety of food vendors, offering everything from BBQ to sushi. Local favorites like Beasley’s Chicken + Honey serve up classic Southern dishes with a modern twist. The city also hosts numerous food festivals, celebrating everything from beer to barbecue. With a growing number of farm-to-table restaurants, Raleigh is becoming a foodie haven.

6. Traffic is a challenge

Raleigh’s rapid growth has led to increasing traffic congestion, particularly during rush hour. Major roads like I-40 and I-440 often experience heavy traffic, making commutes longer. Patience and planning are key to navigating Raleigh’s traffic effectively. With a TransitScore of only 29, public transportation options do not meet the needs of all residents. Carpooling and flexible work hours are common strategies to cope with traffic woes. While the city is working on improving infrastructure, it’s something to be aware of when planning your move.

7. The weather is generally mild

Raleigh enjoys a mild climate with four distinct seasons. Summers are hot and humid, with temperatures often reaching the 90s. Winters are generally mild, with occasional snowfall that rarely accumulates. Spring and fall are particularly pleasant, with moderate temperatures and beautiful foliage. This climate allows for a wide range of outdoor activities throughout the year.

Moving Tip: Summertime humidity can be intense, so be prepared for sticky weather.

8. The music and arts Scene is dynamic

Raleigh is home to a vibrant arts and music community. The North Carolina Museum of Art hosts impressive collections and outdoor concerts. Red Hat Amphitheater and The Ritz are popular venues for live music, attracting both local and national acts. The city’s numerous galleries and theaters provide a platform for visual and performing arts. Annual events like the Hopscotch Music Festival draw large crowds and celebrate Raleigh’s artistic talent.

9. Sports fans have plenty to cheer for

Raleigh is a sports lover’s paradise, home to the NHL’s Carolina Hurricanes and NC State Wolfpack. PNC Arena is the go-to venue for hockey games and major concerts. College sports, especially basketball and football, are a big deal, with passionate fans supporting their teams. The city also has a growing interest in soccer, with North Carolina FC and NC Courage gaining popularity.

10. The craft beer scene is booming

Raleigh’s craft beer scene has exploded in recent years, with numerous breweries calling the city home. Popular spots like Raleigh Brewing Company and Crank Arm Brewing offer a variety of unique brews. Brewery tours and tastings are common weekend activities, and beer festivals are held throughout the year. This thriving industry not only provides great beverages but also fosters a sense of community among beer enthusiasts.

11. The job market is strong and diverse

Raleigh’s job market is one of the strongest in the country, with low unemployment rates and a diverse range of industries. Tech, healthcare, and education are major sectors, thanks in part to the presence of RTP. Major employers like IBM, Cisco, and Duke Energy have significant operations in the area. The city’s economic stability and growth potential make it an attractive destination for job seekers.

12. The housing market is competitive

Raleigh’s popularity has led to a competitive housing market, with homes and apartments often selling or renting quickly. Desirable neighborhoods like North Hills and Cameron Village are particularly sought after. While prices are rising, there are still affordable options available, especially in the suburbs. Working with a knowledgeable real estate agent can help navigate the market and find the best deals.

Moving Tip: The fast-paced housing market is a testament to Raleigh’s appeal, but it’s important to be prepared and act quickly when you find a place you love.

Methodology: Average rent prices sourced from Rent.com August 2024. Home prices sourced from Redfin August 2024. Average moving costs sourced from MoveBuddha. Employment data sourced from Visit Raleigh.

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When you buy a house on or after Aug. 17, you’ll do things differently than before. Rules will change on that date, due to the settlement of an antitrust lawsuit.

Unlike before, you will decide how much your real estate agent will be paid for representing you when you buy a home. And your agent won’t be paid by the seller’s agent. Instead, you’ll probably ask the home’s seller to pay your agent — a request that will be subject to negotiation.

Here’s how the new process will work.

You’ll sign an agreement before touring homes

You’re browsing real estate websites and you’ve spotted a house that you want to visit so you can see inside — this is known as a home tour. Before a real estate agent escorts you inside, you will be required to sign an agreement that defines what the agent will do for you.

The agreement can outline a lightweight and short-term relationship with the agent or it can be a longer-term contract — whatever you negotiate.

On the lightweight end of the spectrum, you could sign a touring agreement that lasts a day or a week or gives you access to just one or two houses. Think of it as giving the agent an unpaid audition. “I give them options. Option one is we could just sign the agreement just for today,” says Danielle Rownin, real estate agent with Keller Williams Realty in Connecticut. If the agent and client aren’t a good fit, she adds, the agreement expires at midnight “and we’re free to move on.”

You’ll sign an agreement even if the agent gives you a virtual tour, which is typically done by walking around the house with a cell phone camera. But you won’t have to sign a touring agreement to visit an open house. Likewise, you won’t have to sign an agreement for the seller’s agent to give you a tour of the home, because that agent is working for the seller and not for you.

You’ll sign an agreement when the search gets serious

At some point, you’ll officially hire a buyer’s agent. You’ll sign a wordier and longer-term contract that not only describes the agent’s responsibilities, but also how much the agent will be paid. It might be called a buyer agency agreement, a buyer-broker agreement or a buyer representation agreement. These agreements aren’t new; in fact, they’ve been required in some states. But now they’ll be required just about everywhere.

This could be the first contract you sign; you don’t have to use touring agreements. Or you might build a rapport with an agent during a touring agreement and convert it into a buyer agency contract.

It’s still possible to buy a house without hiring your own agent to represent you, but it’s discouraged.

You’ll negotiate the agent’s pay

The contract will spell out how much you will pay the agent for representing you. “It could be a flat fee — small or large — or it could be a percentage of the purchase price,” says Leo Pareja, CEO of eXp Realty.

Real estate brokerages will experiment with flat fees and other pay structures such as hourly rates. But for now, most buyer’s agents will charge commissions that are a percentage of the home’s price. Experienced agents might request higher percentages, and newbie agents might ask for less. You’ll have to put on your negotiating shoes and push for a commission that works for you.

If a buyer’s agent requests a 3% commission, “You should definitely say, ‘That seems high to me. Would you be willing to lower that figure?’ That’s all you have to say,” says Stephen Brobeck, senior fellow for the Consumer Federation of America.

Some agents might respond with a lower commission. Others might hold firm, telling you that you get what you pay for. This unyielding approach might impress you if you believe it means they’ll advocate zealously for you. Just keep in mind that there are plenty of agents who will compete for your business, and some might charge less. You don’t have to sign a contract with the first agent you negotiate with.

Percentages are abstract numbers, so doing the math to calculate the cost of the commission in dollars can help you understand what you’re committing yourself to. Take a $400,000 home, for example. A 3% commission would amount to $12,000, while a 2.5% commission would cost $10,000.

You’ll deal with contract elements besides pay

The duration of the contract is another thing you’ll negotiate. The agent might want to lock you in for 90 days, explaining that we’re in a seller’s market and it might take a while to make a successful offer. However, Brobeck says 90 days is too long. “You should not accept anything more than 60, and you should ask for 30,” he says, explaining that you can renew the contract when it expires (if you’re satisfied with your agent).

Read the contract thoroughly and ask the agent to explain anything that’s unclear. If you still feel confused, seek a lawyer’s advice — it might be worth the price.

Watch out for fees on top of the commission, said Wendy Gilch, deputy director of Consumer Advocates In American Real Estate. “Admin fees, brokerage fees, transaction fees, regulatory compliance fees are junk fees and buyers should negotiate them out,” she said in an email. “They’ve become rampant, with some brokerages charging $800 to buyers on top of commission collected.”

The contract can specify the geographic area it applies to. It can be one address, one or more ZIP codes, a city, a county — whatever you negotiate. Gilch recommends against letting the agreement cover the whole state because that’s asking too much.

You can ask the seller to pay your agent’s commission

When you make an offer on a house, you can ask the seller to pay your agent in what is called a seller’s concession.

Having the seller pay your agent will be a relief if you’re already stressing about how you’re going to afford the earnest money deposit, the down payment and the closing costs. Your agent’s commission will be thousands of dollars, and many buyers don’t have that kind of money lying around.

“The seller has the ability to pay the buyer’s agent,” says Courtney Johnson Rose, president of the National Association of Real Estate Brokers, an industry group for Black agents. “That’s the seller’s prerogative.”

Here’s an example of how it can work: You offer $400,000 for the house on the condition that the seller pays your agent 2.5%, or $10,000. That means the seller nets $390,000 before paying the listing agent, taxes and closing costs.

You might find that the seller already has indicated a willingness to pay a concession of, say, up to 3% of the purchase price to pay the buyer’s agent or contribute to closing costs. In such a case, the seller won’t object to your request for money to pay your agent.

Even if the seller hasn’t signaled a willingness to pay your agent, you can still ask. It might be in the seller’s interest to pay. “Sellers who choose to offer said compensation will attract more buyers, get the best price and sell more quickly,” Rownin said in an email.

In a welcome change in policy, VA borrowers — home buyers with loans guaranteed by the Department of Veterans Affairs — will be allowed to pay their agents directly or via seller concession.

How negotiating a better deal can land you a home

Finally, a word on the value of negotiating a lower commission with your agent. Look again at the example in which you offer $400,000 and ask the seller to pass along 2.5% of it, or $10,000, to your agent.

Now imagine a competing buyer who also offers $400,000 — but asks for 3%, or $12,000, to pay their agent.

Your offer lets the seller collect $2,000 more. The difference could tip the offer in your favor because you negotiated a better deal with your agent.

Source: nerdwallet.com

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In a post-Yellowstone world, California’s shiny, glass-clad mansions and New York’s posh penthouses are often upstaged by sprawling properties with generous acreage, and anchored by gorgeous ranches with a different kind of luxury vibe.

And a massive 6,200-acre Bozeman, Montana ranch with trout-filled ponds, rolling hills, and antelope, whitetail deer, bear, and game birds to hunt is the ultimate sportsman ranch — and one of Montana’s priciest real estate offerings.

On the market for a hefty $39,500,000, the revived Grey Cliffs Ranch (which formerly served as a cattle ranch) now offers two oversized stocked ponds, equestrian facilities, ample hunting opportunities, and a rustic-chic 7-bedroom main house, along with a few other structures.

“Ranches are in high demand and ranches of this size with a home of this caliber are incredibly rare,” listing agent Tamara Williams tells us. In fact, they’re so rare that the ranch currently ranks as the 4th most expensive property for sale in Montana (though we’re pretty sure there are a few off-market listings that can give it a run for its money).

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6,200 acres of land in Bozeman, Montana

Photo credit: Stacy Townsend / Tamara Williams and Company

Grey Cliffs Ranch consists of a massive 6,200 acres of land located roughly one-half hour outside of Bozeman, close to state parks and popular ski resorts like Moonlight Basin, Big Sky, and Bridger Bowl. The property is anchored by a nearly 8,000-square-foot, custom-built house that overlooks a one-acre stocked pond.

There’s also another nearly 3-acre, rainbow trout-stocked pond on the property, as well as horse facilities (including an indoor arena and 1,000-acre fenced grounds), a one-bedroom bunkhouse, a 3-bedroom guesthouse, 4-bedroom ranch hand’s house, another 3-bedroom ranch hand’s house, and several barns and sheds.

A revamped former cattle ranch

Photo credit: Stacy Townsend / Tamara Williams and Company

The property was long used as a cattle ranch and had degraded grazing land when the owners bought it in 2003. So they set out to rehabilitate the sprawling ranch and restore its biodiversity.

The restored ranch saw its native landscapes re-emerge after thousands of acres of grasslands and trees were planted. This also revived the wildlife habitats for deer, elk, and upland birds like pheasants, making it a hunter’s paradise.

Indoor riding arena and paddocks

Photo credit: Stacy Townsend / Tamara Williams and Company

While no longer a cattle ranch, Grey Cliffs Ranch has plenty of equestrian-centric amenities, including a 96-meter by 72-meter indoor riding arena and expansive paddocks.

The avid horseman will also enjoy the roughly 1,000-acre fenced grounds with spring-fed running water for livestock.

Now a hunter and fishing paradise

Photo credit: Stacy Townsend / Tamara Williams and Company

But the revamped Montana ranch can appeal to a wide array of outdoor hobbies. Chief among them is hunting, as its 6,200 acres of land are populated by antelope, whitetail deer, bear, and game birds, making it a hunting paradise.

For avid fishermen, the property offers two stocked fishing ponds, and easy access to world-class fishing at the nearby Madison River.

Two acre-sized, trout-filled ponds

Photo credit: Stacy Townsend / Tamara Williams and Company

A one-acre pond is located near the main home, and another three-acre pond further away, both teeming with rainbow trout.

See also: NASCAR Champ Tony Stewart relists massive Indiana ranch & hunting paradise

The post-and-beam luxury lodge at the center of it all

Photo credit: Stacy Townsend / Tamara Williams and Company

Hidden behind two rounds of locked gates and far from the main road, the custom-built lodge is a modern mountain-style retreat that features 7,980 square feet of living space, 7 bedrooms and 6.5 bathrooms.

Rustic appeal in spades

Photo credit: Stacy Townsend / Tamara Williams and Company
Photo credit: Stacy Townsend / Tamara Williams and Company
Photo credit: Stacy Townsend / Tamara Williams and Company
Photo credit: Stacy Townsend / Tamara Williams and Company

Its wood-clad living spaces are perfectly in tune with the rugged outdoors, boasting a rustic-chic style that invites rest and relaxation after a day of outdoor activities.

The imposing living room wows with its massive proportions

Photo credit: Stacy Townsend / Tamara Williams and Company
Photo credit: Stacy Townsend / Tamara Williams and Company

The most impressive space is the two-story tall living room with a stacked stone fireplace towering over the space alongside double-height windows that overlook the vibrant outdoors and nearby pond.

Tucked away from prying eyes

Photo credit: Stacy Townsend / Tamara Williams and Company

“The house cannot be seen from the main road,” says listing agent Tamara Williams.

“If someone is looking for an exclusive home this is it. It is hidden behind two locked gates. It has incredibly easy access to fishing from the pond outside of the house or to the river just down the road. Access to Bozeman is also very convenient.”

Lots of additional accommodations

Photo credit: Stacy Townsend / Tamara Williams and Company

The main lodge is far from the only accommodation option. The Montana ranch also has a 1-bedroom bunkhouse, a 3-bedroom guesthouse, and several barns and sheds for additional storage and convenience.

There are also dedicated homes for the people who help run the ranch, including a 4-bedroom ranch hand’s house, and another 3-bedroom ranch hand’s house.

On the market for a hefty $39.5M

Photo credit: Stacy Townsend / Tamara Williams and Company

The Bozeman-area property is currently listed for $39,500,000, a price point that makes it one of Montana’s most expensive homes. Tamara Williams of Tamara Williams and Company, an affiliate of Leverage Global Partners, holds the listing.

One of Montana’s priciest listings

Photo credit: Stacy Townsend / Tamara Williams and Company

Zillow shows that only three other properties in the entire state of Montana sport a higher asking price.

The most expensive listing in Montana is another Bozeman ranch, the 2,000-acre Running Elk Ranch, which borders the Gallatin National Forest and is priced at a dizzying $78,912,000, followed by Dayton’s Cromwell Island — the largest private island in freshwater west of the Mississippi owned by a single party — listed for $72 million. A $41.5M lot set in the coveted West Billings development area in Billings, MT holds the third spot.

More stories

Where to find the Dutton ranch from ‘Yellowstone’ in Montana

What $25 million buys you in Montana: A sprawling 4,880+ acre ranch & hunting paradise

Western Star Ranch, an 8-acre equestrian compound in Jackson Hole, Wyoming is a ‘Yellowstone’-worthy horse lover’s paradise

Source: fancypantshomes.com

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The lower your credit utilization — meaning the less of your total available credit you’re using — the higher your credit score could be. Typically, the rule of thumb is to use no more than 30% of your credit limit on your credit cards, and using only 10% or less is considered even better.

Here’s a closer look at how credit utilization affects credit score, from how much lowering your credit utilization will affect your score to how long credit utilization affects a score.

What Is Credit Utilization and Why Does It Matter?

Credit utilization is the percentage of your overall credit limit that you use on your revolving credit accounts — most commonly, credit cards. In other words, it’s how much of your available credit you’re using.

Credit utilization is one of the most important factors that scoring models look at when calculating your credit score, since it suggests the risk you could pose as a borrower. The lower your credit utilization, the more it will appear that you can handle debt or use a credit card responsibly. Thus, a lower utilization rate can contribute to a higher credit score.

To calculate your credit utilization, add up all of your credit card balances and then divide that amount by your overall credit limit across your credit cards. You would then multiply by 100 to express the ratio as a percentage. 

Here’s an example:

•   Say you have three credit cards, with an overall credit limit of $15,000. 

•   Next, imagine you’re carrying a balance of $4,000 across all of those cards. 

•   Using the previously explained equation, you divide your total balance of $4,000 by $15,000, and then multiply by 100.

•   Your credit utilization would be around 26.7%.

Factors That Affect Your Credit Score

Aside from your credit utilization, there are other factors that affect your credit score. These include:

•   Payment history: Another major factor aside from credit utilization is whether you pay your credit and debt accounts on time, meaning by the payment due date. If you consistently make on-time payments, the more creditworthy you’ll appear, and this will reflect on your score.

•   Credit history length: Credit scoring models typically take into account how long your current accounts have been open. They may even consider how long it’s been since you’ve used certain kinds of accounts. Generally, a longer credit history is a positive thing for your credit score.

•   Credit mix: Having different types of accounts may demonstrate to lenders how you handle different kinds of debt and can have a positive impact on your score if you manage your debts well.

•   New credit: Opening multiple credit accounts or having a series of hard inquiries could signal to lenders that you pose a greater risk as a borrower. As such, it may negatively impact your credit score.

How Credit Utilization Affects Your Credit Score

Your credit card utilization accounts for 30% of your FICO® credit score, which is the scoring model used by the majority of lenders.

Since lenders look at your credit score to assess your creditworthiness, having a low credit utilization is key. That’s because if you’re using most of your available credit, it suggests to lenders that you could be a greater risk. A high utilization rate could signal to lenders that you may be stretched too thin financially and need to rely too much on credit. You might therefore have a hard time paying back what you borrow.

Your credit score is also dependent on other factors, such as the number of credit cards you have. For example, if you have one credit card with a low limit, having a high credit utilization may affect your score more compared to someone with multiple credit cards, all of which have high credit limits. Same goes for someone with a lengthy credit history that’s been mostly excellent, compared to someone who has no or a limited credit history.

In other words, credit utilization is an important factor in determining your credit score, but there are other aspects as well, such as your payment history.

Tips for Managing Your Credit Utilization and Credit Score

By managing your credit utilization, you can positively impact or maintain a better credit score. The following are a few effective tactics to do so.

Keeping Your Credit Utilization Rate Under 10%

Though keeping your credit utilization under 30% can help to positively impact or maintain your credit score, the lower it is, the better.

While you may be tempted to keep it at zero, that may not be as helpful as you think. A 0% credit utilization could signal that you’re not using your credit regularly. Since lenders want to see how you currently manage accounts, it will be hard to approve you for a loan if they see you’re not using any.

Instead, consider charging smaller amounts on your credit card and trying to keep your utilization rate to under 10%, which is a benchmark for achieving a high score. That way, you should be able to afford to pay the balance and show creditors you’re using credit regularly.

In addition to keeping your overall utilization below 10%, you’ll want to make sure that your utilization on each of your credit cards is also below that percentage. In many cases, credit utilization may refer to your per-card utilization.

Your best bet would be to look at your current limit for your cards and then aim to keep each credit card balance to no more than 10% of that amount. So if you have two credit cards with limits of $3,000 and $5,000 respectively, you wouldn’t want to charge more than $300 to the first card and $500 to the second.

Recommended: What Is a Charge Card?

Asking for a Higher Credit Limit

Getting a higher credit limit can lower your credit utilization even if you maintain the same balance on your cards. It also gives you more wiggle room — if you need to carry a balance on a credit card, you won’t have to worry as much about a big increase in your credit utilization.

When it comes to asking for a credit limit increase, issuers tend to look more favorably to those who have maintained good credit history, whose income went up, and even those who have less debt. If you do make a request, some credit card companies may conduct a hard credit inquiry, which could temporarily (and slightly) lower your credit score.

Making Payments Twice in a Month

By paying your credit card twice a month, your balance will remain lower. It will also increase the chances of your credit card issuer reporting that lower amount to the credit bureaus. You may hear this method referred to as the 15/3 credit card payment method.

This could mean that your calculated credit utilization is lower, which could help build your credit score. Plus, it will help you avoid racking up excessive credit card debt, which can have a negative impact on your score.

Recommended: How to Avoid Interest on a Credit Card

Keeping Your Credit Cards Active

It may be tempting to close a credit card that you don’t use anymore. However, if you do so — or if you don’t use a credit card for a while and the card is closed automatically — your credit utilization will automatically go up. This is true even if your balance is still the same, as your overall credit limit is now lower. In addition, your credit history could be shortened, which may lower your credit score.

Instead, consider keeping that card open, even if you make a small purchase on it every few months.

The Takeaway

Credit cards are useful tools, helping you make purchases, earn rewards, and possibly build your credit. In order to reap these benefits, make sure to use your credit cards responsibly — including by keeping your credit utilization low. Given how significantly credit utilization affects credit score, it may be worth exploring ways to manage your current utilization in order to lower it.

Whether you’re looking to build credit, apply for a new credit card, or save money with the cards you have, it’s important to understand the options that are best for you. Learn more about credit cards by exploring this credit card guide.

FAQ

What is a good credit utilization ratio?

A good credit utilization ratio is 30% or lower. Ideally, you should aim to maintain a credit utilization ratio of around 10% to show lenders you’re responsible with credit.

How long does credit utilization affect credit score?

Your credit utilization is a key contributing factor to your credit score. However, a high utilization rate won’t affect your credit score forever. As long as you take the steps to lower it, you can see positive effects within a short amount of time; say, a couple of update cycles after you bring it down.

How much will lowering my credit utilization affect my credit score?

Lowering your credit utilization can have a significant impact on your credit score. That’s because credit utilization makes up around 30% of your credit score calculation with most scoring models.

Photo credit: iStock/Ridofranz

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

Disclaimer: Many factors affect your credit scores and the interest rates you may receive. SoFi is not a Credit Repair Organization as defined under federal or state law, including the Credit Repair Organizations Act. SoFi does not provide “credit repair” services or advice or assistance regarding “rebuilding” or “improving” your credit record, credit history, or credit rating. For details, see the FTC’s website .

SOCC-Q324-022

Source: sofi.com

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Thinking about moving to Alabama? This Southern state is brimming with charm, from its picturesque Gulf Coast beaches to its bustling urban centers and historic towns. Whether you’re browsing homes for sale in Birmingham, considering renting in Montgomery, or exploring houses for rent in Mobile, here’s what you need to know before moving to Alabama.

Alabama at a glance

Alabama blends its deep-rooted history, varied landscapes, and warm Southern hospitality into a unique and inviting experience. The largest cities—Huntsville, Birmingham, and Montgomery—each offer distinct living experiences. Birmingham stands as the state’s largest city, known for its vibrant arts scene, historic Civil Rights landmarks, and thriving medical and financial sectors. Montgomery, the state capital, is steeped in history with its significant Civil Rights sites. Mobile, located on the Gulf Coast, is renowned for its maritime heritage, historic architecture, and annual Mardi Gras celebrations.

Alabama’s economy benefits from major employers such as Honda, which has a significant manufacturing presence, as well as companies like Regions Financial and the University of Alabama system. Culturally, the state has a strong music scene, from Southern jazz and blues to the distinctive flavors of its cuisine, including famous barbecue and seafood. While Birmingham and Mobile offer a range of amenities, more affordable living can be found in smaller cities like Enterprise, where cost of living is lower and local culture is vibrant. Exploring these options can help you find a community that suits your lifestyle while enjoying the warmth and charm of Alabama.

1. Don’t be surprised by the Southern hospitality

Alabama is renowned for its Southern hospitality, a key aspect of living in Alabama that is characterized by warm, welcoming interactions. Residents often greet one another with friendly waves, and it’s common for neighbors to go out of their way to help each other. This cultural trait extends to local businesses and public interactions, where politeness and kindness are the norm. Embracing this hospitality can greatly enhance your experience and help you integrate smoothly into the community.

2. There’s a ton of rich civil rights history

Alabama played a central role in the Civil Rights Movement, with key historical sites such as the Edmund Pettus Bridge in Selma and the 16th Street Baptist Church in Birmingham. These locations continue to serve as powerful reminders of the past. Museums and cultural centers throughout the state, such as the National Memorial for Peace and Justice in Montgomery, offer deep insights into this significant period. 

3. The summers are hot and humid here

Alabama’s summers are characterized by intense heat and high humidity, with temperatures frequently climbing above 90°F and humidity levels making it feel even hotter. This weather can be particularly challenging during outdoor activities, so staying hydrated and using air conditioning is crucial. The heat can also lead to frequent afternoon thunderstorms, which are common during the summer months. 

4. You’ll need to prepare for tornado risks

Located in Tornado Alley, Alabama is prone to tornadoes, particularly during the spring and early summer. The state experiences frequent severe weather, and having a storm shelter or a designated safe room in your home is essential for safety. The local weather alert system provides timely warnings, but it’s important to stay informed and be prepared with an emergency kit that includes essentials like food, water, and a first aid kit.

Travel tip: Familiarize yourself with local emergency procedures and always have a battery-powered weather radio on hand to stay updated during storms.

5. The cost of living is generally lower here

In Alabama, the cost of living is relatively low compared to many other states, with median home sale price averaging $208,250 in Birmingham, while more affordable options can be found in cities like Montgomery, where prices are $192,500. Rental rates also reflect this affordability, with a two-bedroom apartment in Birmingham averaging $1,442 per month, whereas in smaller cities like Tuscaloosa, you might find similar apartments for about $1,022. Overall, the state’s cost of living remains low, offering budget-friendly housing and reasonable expenses, making Alabama an attractive option for those seeking economic value.

If you’re planning on moving to Alabama, you’ll want to consider the pros and cons of living in the Heart of Dixie.

6. Alabama is known for its seafood and bbq

Alabama’s barbecue scene is renowned for its distinctive flavors, particularly the tangy, vinegar-based white sauce popular in Northern Alabama, which complements slow-cooked pork and chicken. In addition to barbecue, the state excels in seafood, with Gulf Coast cities like Mobile offering a wide array of fresh catches including shrimp, oysters, and grouper, often featured in dishes like shrimp and grits or oyster po’boys. 

Insider scoop: Attend one of the state’s seafood and barbecue celebrations at numerous annual festivals, such as the annual National Shrimp Festival in Gulf Shores, where you can indulge in expertly prepared regional specialties.

7. College sports is a huge deal here

College football reigns supreme in Alabama, with a passionate fan base and strong traditions surrounding the sport. The University of Alabama’s Crimson Tide and Auburn University’s Tigers have a storied rivalry known as the Iron Bowl, drawing significant attention each year. The state also hosts other major college sports events, including basketball and baseball games, contributing to the state’s sports scene. 

Insider scoop: For a great game-day atmosphere, visit The Hound in Auburn, which is known for its lively sports environment.

8. Alabama’s landscapes are very diverse

From coastal beaches to rolling hills and dense forests, Alabama has a stunningly diverse landscape. The Gulf Coast is home to picturesque sandy shores and popular vacation spots like Gulf Shores, while the Appalachian Mountains offer excellent hiking and outdoor adventures in places such as the Talladega National Forest. Additionally, the state’s varied terrain encompasses scenic river valleys and expansive farmlands, all contributing to its rich natural beauty and a wealth of outdoor activities.

9. You’ll want to consider owning a car

While urban areas in Alabama may have public transportation options, many parts of the state lack comprehensive transit systems. Owning a car is often necessary for commuting and accessing amenities, especially in rural and suburban areas. Cities like Birmingham and Mobile offer some public transportation services, but they may not be as extensive as those in larger metropolitan areas. 

10. Alabama’s Mardi Gras is a big celebration

Alabama is home to one of the oldest and most vibrant Mardi Gras celebrations in the United States, especially in Mobile. The city’s festivities feature elaborate parades, masked balls, and a variety of cultural events that draw visitors from across the region. This celebration uniquely blends Southern traditions with Carnival influences, creating a lively and colorful experience.

Insider tip: If you want to fully immerse yourself in the festivities, try to attend the “Krewe of Columbus” parade—it’s a local favorite known for its dazzling floats and lively atmosphere.

11. Golfing is big in Alabama

Golf is a popular pastime in Alabama, with the state offering numerous renowned courses and tournaments. The Robert Trent Jones Golf Trail, a collection of championship courses across the state, is a major draw for golf lovers. The trail features diverse and challenging layouts, attracting players from around the country. 

Methodology

Population data sourced from the United States Census Bureau, while median home sale prices, average monthly rent, and data on affordable and largest cities are sourced from Redfin.

Source: rent.com

Apache is functioning normally

Fast facts about living in Nashville

  • What is Nashville known for: Being the heart of country music, Southern hospitality, and a thriving cultural scene
  • Population: Over 700,000 residents in Nashville proper; over 2 million in the metro area
  • Average rent: $1,814 per month for a one-bedroom apartment
  • Median home sale price: $479,000
  • Days of sunshine: Approximately 208 days per year
  • Music venues: Over 180, including the Grand Ole Opry and the Ryman Auditorium
  • Average summer high temperature: 89°F (32°C)
  • Public parks: More than 100 parks within the city
  • Major industries: Music, healthcare, education, and tourism

1. Pro: Thriving music and cultural scene

Nashville is known as the heart of the country music industry, but its music scene is incredibly diverse, offering everything from bluegrass to rock to jazz. The city is home to iconic venues like the Grand Ole Opry, the Ryman Auditorium, and countless honky-tonks on Broadway. In addition to music, Nashville has a growing arts scene, with museums, galleries, and theaters adding to the city’s cultural appeal.

2. Con: Rising cost of living

While Nashville remains more affordable than many other major cities, the cost of living in Nashville has been steadily increasing due to its growing popularity. Overall, the cost of living in Nashville is 1% lower than the national average. However, housing costs are 6% more than the national average, with the median sale price for a home in Nashville around $479,000 and average rent for a one-bedroom apartment in Nashville at $1,814 per month. Utilities are 1% more expensive, while groceries are on par with the national average. On the other hand, transportation costs are 8% less, healthcare is 9% less, and lifestyle expenses are 5% less than the national average. Despite these lower costs in certain areas, the rising housing costs can make it challenging for new residents to find affordable accommodation in the city.

3. Pro: Accessible public transportation and walkability

Nashville’s public transportation and walkability have improved significantly in recent years, making it easier for residents to get around without relying solely on personal vehicles. The city’s bus system, operated by WeGo Public Transit, serves many areas effectively, and Nashville’s infrastructure continues to develop, supporting a more pedestrian-friendly environment. Additionally, the city is becoming increasingly bike-friendly, with more bike lanes and paths being added throughout the area.

Nashville’s transportation scores

  • Walk score: 98
  • Transit score: 74
  • Bike score: 72

These scores reflect Nashville’s growing emphasis on accessible public transit, walkability, and bike-friendliness, making it a more convenient city for those who prefer alternative modes of transportation.

4. Con: Rapid population growth and traffic congestion

Nashville’s popularity has led to rapid population growth, which has, in turn, resulted in increased traffic congestion. The city’s infrastructure is struggling to keep up with the influx of new residents, leading to longer commute times and crowded roads.

5. Pro: Strong job market

Nashville has a strong and growing job market, particularly in industries like healthcare, education, and tourism. The city is home to several major hospitals, universities, and corporations, providing a range of employment opportunities. Additionally, the music and entertainment industries continue to be significant employers, contributing to the city’s economic vibrancy.

Top employers in Nashville

  • Vanderbilt University and Medical Center
  • HCA Healthcare
  • Nissan North America
  • Saint Thomas Health
  • Bridgestone Americas
  • Asurion
  • Amazon

6. Con: High sales tax

Tennessee has one of the highest sales taxes in the country, and this can add up quickly for residents. The combined state and local sales tax rate in Nashville is around 9.25%, which is higher than in many other states. While Tennessee does not have a state income tax, the high sales tax can still impact the overall cost of living for residents.

7. Pro: Growing tech and innovation sector

Nashville is not just about music and healthcare; it’s also becoming a hub for technology and innovation. The city’s tech sector is growing rapidly, attracting startups and established companies alike. With organizations like the Nashville Entrepreneur Center and various tech meetups and events, the city is fostering a strong entrepreneurial spirit.

8. Pro: Southern hospitality and friendly community

One of the things that sets Nashville apart is its friendly and welcoming atmosphere. The city is known for its southern hospitality, where neighbors still greet each other and communities are close-knit. This strong sense of community is evident in the city’s numerous local events, farmer’s markets, and festivals, making it easy to feel at home in Nashville.

9. Con: Hot, humid summers

Nashville’s climate features hot, humid summers, with temperatures often reaching into the high 80s and 90s. The humidity can make the heat feel even more intense, which may be uncomfortable for some residents. While the city’s mild winters are a plus, the summer weather can be a challenge for those unaccustomed to the heat and humidity.

10. Pro: Diverse dining and food scene

Nashville’s food scene has exploded in recent years, offering a diverse array of culinary options. The city is famous for its hot chicken, but it also boasts a variety of restaurants serving everything from Southern comfort food to international cuisine. Popular areas like East Nashville and The Gulch are known for their trendy eateries, food trucks, and vibrant culinary culture.

Popular restaurants in Nashville

  • Prince’s Hot Chicken Shack
  • Husk Nashville
  • The Catbird Seat
  • Biscuit Love
  • Rolf and Daughters
  • Pinewood Social
  • Hattie B’s Hot Chicken

11. Pro: Beautiful parks and outdoor spaces

Nashville offers an abundance of parks and outdoor spaces, making it easy for residents to enjoy nature without leaving the city. From the expansive Percy Warner Park to the scenic Bicentennial Capitol Mall State Park, there are plenty of places to hike, picnic, and enjoy the outdoors. The city’s greenways and trails also provide opportunities for biking, walking, and running.

Popular outdoor spots in Nashville

  • Centennial Park
  • Shelby Bottoms Greenway
  • Radnor Lake State Park
  • Cumberland River Greenway
  • Cheekwood Estate & Gardens

12. Pro: Rich history and cultural heritage

Nashville is steeped in history and cultural heritage, with numerous landmarks and museums that tell the story of the city and the region. From the Country Music Hall of Fame and Museum to the historic Ryman Auditorium, there’s no shortage of places to explore Nashville’s past. The city’s heritage is also reflected in its architecture, historic districts, and long-standing traditions.

13 Pro: Proximity to other major cities

Nashville’s central location in the Southeast makes it a convenient base for exploring other major cities in the region. It’s within driving distance of cities like Atlanta, Memphis, and Louisville, and a short flight away from destinations like Chicago and New York. This proximity allows residents to enjoy weekend getaways and explore the rich cultural and natural offerings of the surrounding region.

Pros & cons of living in Nashville (summary)

  • Pro: Thriving music and cultural scene
  • Con: Rising cost of living
  • Pro: Accessible public transportation and walkability
  • Con: Rapid population growth and traffic congestion
  • Pro: Strong job market
  • Con: High sales tax
  • Pro: Growing tech and innovation sector
  • Pro: Southern hospitality and friendly community
  • Con: Hot, humid summers
  • Pro: Diverse dining and food scene
  • Pro: Beautiful parks and outdoor spaces
  • Pro: Rich history and cultural heritage
  • Pro: Proximity to other major cities

Apache is functioning normally

Qatar Airways offers two branded credit cards for U.S. consumers. Launched by the airline in May 2024 in partnership with financial technology company Cardless and issued by First Electronic Bank, the cards offer sign-up bonuses, rewards on purchases and an accelerated path to status in Qatar Airways Privilege Club (the airline’s frequent flyer program) and the Oneworld alliance (of which the airline is a member).

One card is more feature-rich than the other, and the difference is evident in an annual fee that rivals what you’d pay for the best premium travel rewards credit cards. For that price, other cards may have more to offer, especially if you’d prefer more flexibility with your rewards.

Here are five things to know about the Qatar Airways credit cards.

1. There are two Qatar Airways credit cards

You can choose between the Qatar Airways Privilege Club Visa Signature Credit Card, with a $99 annual fee, and the Qatar Airways Privilege Club Visa Infinite Credit Card, with a $499 annual fee.

Here’s how the cards compare:

Qatar Airways Privilege Club Visa Infinite Credit Card

Qatar Airways Privilege Club Visa Signature Credit Card

Annual fee

Sign-up bonus

Earn up to 50,000 Avios, including 25,000 Avios after the first transaction and 25,000 Avios after spending $5,000 in the first 90 days.

Earn up to 40,000 Avios, including 20,000 Avios after the first transaction and 20,000 Avios after spending $3,000 in the first 90 days.

Loyalty program points

  • Earn 150 Qpoints after spending $5,000 in the first 90 days.

  • Earn 2 Qpoints for every 1,500 Avios earned.

Earn 2 Qpoints for every 2,000 Avios earned.

Earnings rates

  • 5 Avios per $1 spent on Qatar Airways.

  • 3 Avios per $1 spent at restaurants.

  • 1 Avios per $1 spent on all other qualifying purchases.

  • 4 Avios per $1 spent on Qatar Airways.

  • 2 Avios per $1 spent at restaurants.

  • 1 Avios per $1 spent on all other qualifying purchases.

Other perks

2. The cards earn Avios

The cards earn rewards in the form of “Avios,” which you can use to book award travel on Qatar Airways. Avios are also the rewards currency for several other airlines, including British Airways, Iberia, Aer Lingus and Finnair; you can transfer Avios among those airlines’ frequent flyer programs, although the value you get per point will differ.

Because Qatar Airways is part of the Oneworld alliance, you can also redeem Avios toward flights on partner airlines such as American Airlines, Alaska Airlines, Qantas and more.

3. You get an accelerated path to status

With the Qatar Airways Privilege Club Visa Signature Credit Card, you automatically get Silver status in Qatar Airways’ Privilege Club for the first year you have the card. This grants you a 25% bonus on rewards earnings for eligible flights; priority standby, check-in and boarding; a 20% discount on the cost of seat selection; an allowance for extra baggage; and lounge access. You’ll also get Ruby status in the Oneworld alliance, which gets you business class priority check-in, preferred seating and priority on waitlists and standby.

The Qatar Airways Privilege Club Visa Infinite Credit Card grants you Privilege Club Gold status for the first year, which comes with a 75% bonus on rewards earnings for eligible flights; priority standby, check-in and boarding; preferred seats; an allowance for even heavier extra baggage; lounge access; credits you can redeem for upgrades; a “meet and assist” service; and a discount on online redemptions. You’ll also get Sapphire status on Oneworld, which provides the benefits of Ruby plus access to business class lounges, priority boarding, a free extra checked bag and priority baggage handling.

Note that the automatic elite status lasts for only the first year. To keep (or increase) your status, you need to earn “Qpoints,” which you can do by flying Qatar Airways or any Oneworld member airline. Using the Qatar Airways credit cards can also earn Qpoints — you get 2 Qpoints for every 1,500 to 2,000 Avios you earn with credit card spending, depending on the card.

4. One card’s annual fee is extra pricey

The “Infinite” version charges a sky-high $499 annual fee, which is certainly something to take into consideration when considering these two cards. For the extra cost, you get a larger sign-up bonus, higher ongoing rewards rates, a higher rate at which you earn Qpoints, a higher status tier and Visa Infinite benefits.

5. Other premium travel cards may be a better option

If you’re considering the more expensive Qatar Airways Privilege Club Visa Infinite Credit Card, note that other premium travel cards allow you to transfer points to airline partners, which includes some of the Avios airlines mentioned above.

With the Chase Sapphire Reserve®, which has a $550 annual fee, you can transfer Chase Ultimate Rewards points to airlines including British Airways, Aer Lingus and Iberia. Plus, you get a $300 annual travel credit, a statement credit toward TSA PreCheck or Global entry, airport lounge access and more.

The Capital One Venture X Rewards Credit Card includes both British Airways and Finnair among its transfer partners. The $395 annual fee can be effectively wiped out by the card’s many perks — a $300 annual travel credit for bookings made through Capital One Travel, a statement credit toward TSA PreCheck or Global Entry, airport lounge access and a 10,000-mile anniversary bonus.

Source: nerdwallet.com

Apache is functioning normally

Qatar Airways offers two branded credit cards for U.S. consumers. Launched by the airline in May 2024 in partnership with financial technology company Cardless and issued by First Electronic Bank, the cards offer sign-up bonuses, rewards on purchases and an accelerated path to status in Qatar Airways Privilege Club (the airline’s frequent flyer program) and the Oneworld alliance (of which the airline is a member).

One card is more feature-rich than the other, and the difference is evident in an annual fee that rivals what you’d pay for the best premium travel rewards credit cards. For that price, other cards may have more to offer, especially if you’d prefer more flexibility with your rewards.

Here are five things to know about the Qatar Airways credit cards.

1. There are two Qatar Airways credit cards

You can choose between the Qatar Airways Privilege Club Visa Signature Credit Card, with a $99 annual fee, and the Qatar Airways Privilege Club Visa Infinite Credit Card, with a $499 annual fee.

Here’s how the cards compare:

Qatar Airways Privilege Club Visa Infinite Credit Card

Qatar Airways Privilege Club Visa Signature Credit Card

Annual fee

Sign-up bonus

Earn up to 50,000 Avios, including 25,000 Avios after the first transaction and 25,000 Avios after spending $5,000 in the first 90 days.

Earn up to 40,000 Avios, including 20,000 Avios after the first transaction and 20,000 Avios after spending $3,000 in the first 90 days.

Loyalty program points

  • Earn 150 Qpoints after spending $5,000 in the first 90 days.

  • Earn 2 Qpoints for every 1,500 Avios earned.

Earn 2 Qpoints for every 2,000 Avios earned.

Earnings rates

  • 5 Avios per $1 spent on Qatar Airways.

  • 3 Avios per $1 spent at restaurants.

  • 1 Avios per $1 spent on all other qualifying purchases.

  • 4 Avios per $1 spent on Qatar Airways.

  • 2 Avios per $1 spent at restaurants.

  • 1 Avios per $1 spent on all other qualifying purchases.

Other perks

2. The cards earn Avios

The cards earn rewards in the form of “Avios,” which you can use to book award travel on Qatar Airways. Avios are also the rewards currency for several other airlines, including British Airways, Iberia, Aer Lingus and Finnair; you can transfer Avios among those airlines’ frequent flyer programs, although the value you get per point will differ.

Because Qatar Airways is part of the Oneworld alliance, you can also redeem Avios toward flights on partner airlines such as American Airlines, Alaska Airlines, Qantas and more.

3. You get an accelerated path to status

With the Qatar Airways Privilege Club Visa Signature Credit Card, you automatically get Silver status in Qatar Airways’ Privilege Club for the first year you have the card. This grants you a 25% bonus on rewards earnings for eligible flights; priority standby, check-in and boarding; a 20% discount on the cost of seat selection; an allowance for extra baggage; and lounge access. You’ll also get Ruby status in the Oneworld alliance, which gets you business class priority check-in, preferred seating and priority on waitlists and standby.

The Qatar Airways Privilege Club Visa Infinite Credit Card grants you Privilege Club Gold status for the first year, which comes with a 75% bonus on rewards earnings for eligible flights; priority standby, check-in and boarding; preferred seats; an allowance for even heavier extra baggage; lounge access; credits you can redeem for upgrades; a “meet and assist” service; and a discount on online redemptions. You’ll also get Sapphire status on Oneworld, which provides the benefits of Ruby plus access to business class lounges, priority boarding, a free extra checked bag and priority baggage handling.

Note that the automatic elite status lasts for only the first year. To keep (or increase) your status, you need to earn “Qpoints,” which you can do by flying Qatar Airways or any Oneworld member airline. Using the Qatar Airways credit cards can also earn Qpoints — you get 2 Qpoints for every 1,500 to 2,000 Avios you earn with credit card spending, depending on the card.

4. One card’s annual fee is extra pricey

The “Infinite” version charges a sky-high $499 annual fee, which is certainly something to take into consideration when considering these two cards. For the extra cost, you get a larger sign-up bonus, higher ongoing rewards rates, a higher rate at which you earn Qpoints, a higher status tier and Visa Infinite benefits.

5. Other premium travel cards may be a better option

If you’re considering the more expensive Qatar Airways Privilege Club Visa Infinite Credit Card, note that other premium travel cards allow you to transfer points to airline partners, which includes some of the Avios airlines mentioned above.

With the Chase Sapphire Reserve®, which has a $550 annual fee, you can transfer Chase Ultimate Rewards points to airlines including British Airways, Aer Lingus and Iberia. Plus, you get a $300 annual travel credit, a statement credit toward TSA PreCheck or Global entry, airport lounge access and more.

The Capital One Venture X Rewards Credit Card includes both British Airways and Finnair among its transfer partners. The $395 annual fee can be effectively wiped out by the card’s many perks — a $300 annual travel credit for bookings made through Capital One Travel, a statement credit toward TSA PreCheck or Global Entry, airport lounge access and a 10,000-mile anniversary bonus.

Source: nerdwallet.com