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When people think of Fresno, they often picture the heart of California’s agricultural region, but the city offers more than just farmland. Located in California’s Central Valley, Fresno is a growing hub that provides access to both rural landscapes and urban amenities. Beyond Fresno’s city center, the surrounding suburbs offer peaceful communities with a variety of living options, ranging from new developments to historic neighborhoods, all while maintaining easy access to the city’s employment, shopping, and entertainment.

In this ApartmentGuide article, we’ll explore some of the most notable Fresno suburbs, highlighting key aspects such as population, average rent, and what makes each area unique. Whether you’re searching for the perfect apartment in Fresno or curious about the different Fresno neighborhoods, let’s discover the best parts of Fresno to call home.

Cost of living in Fresno

Before we dive into the top Fresno suburbs, let’s cover how much it costs to live in Fresno. The overall cost of living in Fresno is about 9% higher than the national average, making it more affordable than many other areas in California but slightly above the national standard. Housing is a major factor, with the median sale price for a home in Fresno at $400,000, which is lower than the national average of $432,657. Rent follows a similar trend, with the average rent for a one-bedroom apartment in Fresno at $1,494, still below the national average of $1,514.

While some suburbs around Fresno offer more affordable options, others can reflect higher prices, particularly in more desirable areas. Here, we’ll explore a range of top suburbs, providing different lifestyle and housing opportunities depending on your budget and preferences.

1. Clovis

Known for: Excellent schools, welcoming community, and outdoor recreation

Clovis is one of the most popular suburbs in the Fresno area, located just northeast of the city. Known for its top-rated schools, Clovis is often a choice for those seeking educational opportunities, but it also offers much more. The suburb has a robust outdoor lifestyle, with easy access to hiking and biking trails in the nearby Sierra Nevada foothills. Old Town Clovis is a hub for community events, featuring charming local shops, restaurants, and year-round farmers’ markets. The city combines suburban comfort with plenty of recreational activities, from weekend farmers’ markets to hiking in the Sierra National Forest, making it ideal for those who appreciate both community connection and outdoor living.

Population: 121,000
Average rent for a one-bedroom apartment: $1,493
Median home sale price: $500,000
Clovis transportation scores: Walk Score 37, Bike Score 51

Apartments for rent in Clovis, CA | Houses for rent in Clovis, CA | Homes for sale in Clovis, CA

2. Sanger

Known for: Small-town charm, agricultural roots, and proximity to outdoor activities

Sanger, located southeast of Fresno, offers a rural atmosphere with the conveniences of city life just a short drive away. Known for its strong agricultural roots, Sanger is surrounded by farms, vineyards, and open spaces, giving residents a peaceful and scenic living environment. The nearby Kings River provides opportunities for outdoor activities such as fishing, hiking, and camping, ideal for nature lovers. The town itself has a small, welcoming atmosphere, with locally owned businesses and a community-focused lifestyle. Housing in Sanger includes a mix of older homes and newer developments, offering more affordable living options compared to other Fresno suburbs.

Population: 25,000
Median home sale price: $346,000
Sanger transportation scores: Walk Score 48, Bike Score 47

Apartments for rent in Sanger, CA | Houses for rent in Sanger, CA | Homes for sale in Sanger, CA

3. Madera

Known for: Affordability, agricultural industry, and small-town feel

Madera, just north of Fresno, offers a quieter, more affordable alternative to living in Fresno itself. The town is deeply connected to the region’s agricultural industry, which forms the backbone of its economy. Madera has a strong sense of community, and local events like festivals, farmers’ markets, and neighborhood gatherings provide opportunities to connect with neighbors. The city also offers access to numerous parks and recreational areas. Madera’s housing market is one of the most affordable in the region, with a mix of single-family homes and newer developments, making it attractive to both first-time homebuyers and those looking for more budget-friendly options.

Population: 65,000
Median home sale price: $410,000
Madera transportation scores: Walk Score 42, Bike Score 44

Apartments for rent in Madera, CA | Houses for rent in Madera, CA | Homes for sale in Madera, CA

4. Kerman

Known for: Rural living, small-town charm, and proximity to Fresno

Kerman is a small, rural suburb located west of Fresno that offers a peaceful lifestyle away from the busier urban areas. Known for its agricultural roots, Kerman provides a tight-knit community atmosphere with many local events and activities centered around its farming heritage. It’s a perfect choice for those seeking a quiet, affordable lifestyle while still being within easy commuting distance to Fresno for work and entertainment. The town has a variety of amenities, including parks, local shops, and restaurants, and is a great place for those looking for an affordable, laid-back lifestyle.

Population: 15,000
Median home sale price: $420,000
Kerman transportation scores: Walk Score 74, Bike Score 50

Apartments for rent in Kerman, CA | Houses for rent in Kerman, CA | Homes for sale in Kerman, CA

5. Reedley

Known for: Riverside living, historic charm, and agriculture

Reedley, located southeast of Fresno along the scenic Kings River, is known for its combination of natural beauty and historic charm. The town offers riverside living, with opportunities for boating, fishing, and other outdoor activities. Reedley’s historic downtown features a variety of local shops, cafes, and restaurants, along with farmers’ markets showcasing the area’s agricultural bounty. Reedley is also home to a number of fruit orchards and vineyards, making it a popular destination for those interested in agritourism. The small-town atmosphere and scenic river setting make Reedley a desirable location for those looking to escape the faster pace of city life.

Population: 25,000
Average rent for a one-bedroom apartment: $1,150
Median home sale price: $442,500
Reedley transportation scores: Walk Score 50, Bike Score 52

Apartments for rent in Reedley, CA | Houses for rent in Reedley, CA | Homes for sale in Reedley, CA

6. Sunnyside

Known for: Peaceful environment, newer developments, and proximity to downtown Fresno

Sunnyside, a growing suburb southeast of Fresno, offers a modern suburban lifestyle with newer developments and a quieter residential setting. Known for its convenient proximity to downtown Fresno, Sunnyside offers quick access to the city’s amenities while maintaining a more laid-back atmosphere. The suburb has seen significant residential growth, with a variety of new housing developments ranging from affordable homes to upscale properties. Sunnyside also has plenty of parks, shopping centers, and recreational facilities, making it an ideal choice for those who want to enjoy suburban living with easy access to urban opportunities.

Population: 22,000
Average rent for a one-bedroom apartment: $1,494
Median home sale price: $1,340,000
Sunnyside transportation scores: Walk Score 31, Bike Score 45, Transit Score 27

Apartments for rent in Sunnyside, CA | Houses for rent in Sunnyside, CA | Homes for sale in Sunnyside, CA

Methodology: The suburbs included in this list were selected based on their overall popularity, determined by search trends and housing demand in the Fresno area. Average rent and home sale price data were sourced from Redfin and Rent.com as of September 2024. Transportation data, including Walk Scores, Bike Scores, and Transit Scores, was sourced from Walk Score.

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Businesses that need cash quickly but don’t have strong credit will sometimes turn to an alternative type of funding called a merchant cash advance (MCA). With an MCA, a financing company gives you an upfront sum of cash that you repay using a percentage of your debit and credit card sales, plus a fee.

An MCA can be helpful for covering cash flow shortages or short-term expenses, but if you end up taking out more than one merchant cash advance, you can end up paying different (and potentially high) interest rates and fees for each. Plus, you have to deal with different payment schedules for each MCA.

A merchant cash advance consolidation is an option that lets you roll up all of those advance payments into one. Ideally, an MCA consolidation has the potential to reduce what you’re paying in interest and fees. Here’s what you need to know about this type of consolidation loan.

What Is a Merchant Cash Advance?

Not every business qualifies for a traditional bank loan. Perhaps it hasn’t been in business long enough to be eligible, or maybe it doesn’t meet the credit requirements for a small business loan. That’s when a merchant cash advance may be useful.

An merchant cash advance is not a loan, but rather an advance on future sales. To determine eligibility, MCA providers may not rely heavily on criteria like time in business and/or credit scores, but instead focus on revenues. That can make it easier to get than other types of financing.

How MCAs Work

When you get an MCA, you receive a lump sum payment. Typically, MCAs express the interest they charge as a factor rate (often ranging from 1.1 to 1.5) rather than as a percentage. The factor rate does not include any additional fees the merchant cash advance company may charge you, such as administrative or underwriting fees.

How MCA Repayment Works

The repayment on an MCA works differently than other types of business loans. Typically, the MCA provider automatically deducts a daily (or weekly) percentage of your debit and credit card sales until the advance is repaid in full. Repayment periods can range anywhere from three to 18 months. Generally, the more you make in credit card sales, the faster you’ll repay the advance.

The downside is that MCAs tend to have much higher fees and interest rates than traditional small business loans, making them a costly financing option.

When you convert factor rates plus fees into an annual percentage rate (APR), the APRs on merchant cash advances can run as high as 350%, depending on the lender, size of the advance, fees, business revenue, and how long it takes to repay the advance.

What Is Merchant Cash Advance Consolidation?

A small business owner might take out a merchant cash advance to see their way through a slow period. Then, when they struggle with repayments, they may apply for another MCA to help repay the first. This is a process known as loan stacking. The company could then end up with multiple repayment schedules and paying different factor rates and different amounts for each advance.

A merchant cash advance consolidation rolls multiple MCAs into a single new loan. The consolidation loan typically pays off your existing MCAs and allows you to make one payment, often monthly, to the consolidation lender. Ideally, the consolidation loan will have a lower interest rate than the average of the multiple advances.

Recommended: Loans for Sole Proprietors

Signs You Need Consolidation

Signs you need a merchant cash consolidation include:

•  Multiple MCA loans: If your business has taken out many MCAs, a consolidation loan can help you streamline your payments and possibly save money on interest.

•  High interest rates: MCAs often come with steep fees, so consolidating into a lower-rate loan could reduce overall costs.

•  Falling behind on payments: Missing or struggling with payments is a strong indicator consolidation is necessary.

However, there are a few things to consider before you jump into MCA consolidation. One is whether or not your existing MCA lenders will charge you a prepayment penalty fee if you pay off your advances early. You’ll also want to find out if there are any upfront fees you have to pay for the new consolidation loan, since this can eat into your savings.

If, after running all the numbers, it looks like you can save money and streamline repayment, it may be a good time to consider a merchant cash advance consolidation.

Recommended: How Does Debt Consolidation Work?

What to Consider Before Applying

Before applying for a consolidation loan, you’ll want to look at what you’re currently paying in interest and what you’d qualify for with a new loan. Also, consider any fees for the new loan and any payoff penalties you’ll owe your current lenders. If, once you crunch the numbers, your total debt hardly goes down, there’s probably no sense in taking on a new consolidation loan.

When deciding whether it makes sense to do an MCA consolidation, you also want to look at the repayment period and what your payments with the new loan will be. A shorter repayment period can mean larger payments that you might not be able to afford. And, while a longer repayment period can mean smaller payments, it will likely mean paying more in total interest.

Examining the options can help you find the best path forward for your business.

Potential Drawbacks and Risks

Merchant cash advance (MCA) consolidation loans can provide relief, but they come with potential drawbacks and risks, including:

•  Extending the repayment period, which potentially increases the overall interest costs.

•  Paying high fees, which could negate the benefits of combining advances.

Additionally, if you’re consolidating to manage cash flow, it could be a sign of deeper financial issues, and relying on more debt may worsen the situation.

Refinancing vs Consolidation

If you’ve heard of business loan refinancing, you may think it’s the same as merchant cash advance consolidation, but these aren’t exactly the same.

It’s true that both can potentially lower your interest rate and/or change your payment term. However, when you refinance, you’re replacing one MCA with a new one or with a small business term loan. When you opt for an MCA consolidation, you’re rolling multiple MCAs into a new MCA or other type of business loan.

Recommended: Refinancing Your Student Loans While Starting a Business

Types of Consolidation Loans

Lenders may have different approaches to help you with consolidating your loans. Some will buy out the loan and pay it off directly, while others will lend you the money, after which it’s your responsibility to pay off your existing MCAs.The following types of loans can be used to consolidate your MCAs:

Merchant Cash Advance

If you’ve taken out multiple MCAs, it’s likely because your business doesn’t have great credit and may not qualify for other types of loans. If that’s the case, you might consider a new, larger merchant cash advance to consolidate your existing MCAs, ideally with more favorable terms.

Be aware that you will likely have a short repayment period, perhaps between a few months and three years.

Online Lenders

Another consolidation option if you don’t have excellent credit is taking out a consolidation loan with an online lender. Interest rates may be lower than with a merchant cash advance and repayment terms may be longer. A longer repayment term typically means your monthly payment will be lower; however, you’ll pay more in interest overall than with a shorter repayment term.

SBA Loans

SBA loans like the 7(a) program can be used to consolidate business debt that is approved by your lender, if you qualify. Repayment terms can be up to 25 years, and rates on SBA loans are among the lowest of any financing option for businesses.

Traditional Bank Loans

If you’ve been able to build your business or personal credit since taking out the MCAs, you may qualify for a bank loan with lower rates and longer repayment terms. You can then use the proceeds of the loan to pay off your existing MCAs.

The Takeaway

If you feel like you’re drowning because you’re paying too much, too often, for multiple merchant cash advances, consolidating with a new advance or small business loan may be a solution that could help you lower your costs and roll everything up into one monthly payment.

If you’re seeking financing for your business, SoFi can help. On SoFi’s marketplace, you can shop top providers today to access the capital you need. Find a personalized business financing option today in minutes.

Get personalized small business financing quotes with SoFi’s marketplace.

FAQ

What is a merchant cash advance consolidation?

A merchant cash advance (MCA) consolidation combines multiple merchant cash advances into a single MCA with more manageable repayment terms. Ideally, you’ll receive better rates and terms with your new merchant cash advance.

What happens if I don’t repay my merchant cash advance?

If you don’t repay your merchant cash advance (MCA), the lender may increase withdrawal amounts, freeze business accounts, or pursue legal action. Your personal and business assets could be at risk, and your credit score could be negatively impacted. This could affect financing options down the line.

Why consolidate your merchant cash advances?

The main reason to consolidate your merchant cash advance (MCA) is to simplify your payments. Rather than making multiple payments each week or month, you’ll only have to make one. Consolidating could also reduce your interest rate, saving you money over the life of the loan.

Photo credit: iStock/ipopba

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Source: sofi.com

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Salt Lake City is a unique place to call home. Surrounded by stunning mountain ranges, the area actually experiences four distinct seasons. Its mix of outdoor activities, a thriving economy, and a relatively affordable cost of living makes it an attractive option for many.

All that said, there are a few drawbacks to keep in mind when considering moving to Salt Lake City. Let’s explore the pros and cons of living in Salt Lake City a bit further so you have all the information you need to find the perfect place.

Salt Lake City at a glance

Walk Score: 59 | Bike Score: 74 | Transit Score: 44
Median Sale Price: $535,000 | Average Rent for 1-Bedroom Apartment: $1,520
Salt Lake City neighborhoods | Houses for rent in Salt Lake City | Apartments for rent in Salt Lake City | Homes for sale in Salt Lake City

1. Pro: Access to the great outdoors 

Salt Lake City is a haven for outdoorsy folks. Conveniently located near the Wasatch Mountains, locals enjoy skiing, hiking, and mountain biking just minutes from home. The city is also close to five national parks, offering plenty of opportunities for camping and exploration. Needless to say, there are more than a few beautiful places in Salt Lake City.

2. Con: Air quality issues 

While the natural scenery is breathtaking, Salt Lake City struggles with poor air quality, particularly during the winter. The city’s geography causes an inversion effect, trapping pollutants and leading to significant smog.

3. Pro: Thriving job market 

Salt Lake City’s economy is growing rapidly, with low unemployment and tons of opportunities in tech, healthcare, and finance. Companies like Adobe and Goldman Sachs have sizable regional offices here, creating a range of employment options.

4. Con: Limited nightlife 

With one of the largest LDS communities in the world, Salt Lake City’s nightlife is quieter compared to other cities of its size. While there are bars and restaurants, local laws surrounding alcohol can dampen the experience for some, and options tend to close earlier. That said, there is still a lot to do in Salt Lake City before and after the sun goes down.

5. Pro: Affordable housing 

Housing costs for those in Salt Lake City are more affordable compared to people living in San Francisco or Denver. Though prices have risen in recent years, it’s still possible to find reasonable rental rates and home prices, especially in suburban areas.

6. Con: Rapid population growth 

Salt Lake City is experiencing rapid population growth, which has increased traffic congestion and put a strain on infrastructure. This growth has also contributed to higher housing prices over time, making it harder for some to find affordable options.

7. Pro: Family-friendly 

With its well-maintained parks, excellent schools, and community-focused neighborhoods, Salt Lake City is an ideal place for families. The city offers plenty of family-friendly events and attractions, including the Hogle Zoo and the Natural History Museum.

8. Con: High altitude 

The city’s elevation of over 4,200 feet can be an adjustment for newcomers. The high altitude can lead to symptoms like headaches and shortness of breath until your body acclimates. That said, if you’re an athlete, the altitude is a major plus for those who take their training seriously.

9. Pro: Public transportation 

Salt Lake City’s public transportation system is efficient, with a light rail system (TRAX) connecting the city and suburbs. It makes commuting easier for those without cars and offers a viable alternative for getting around town.

10. Con: Dry climate 

The desert climate in Salt Lake City is extremely dry, which can be uncomfortable for some people. You may need to invest in a humidifier during the winter months and stay diligent about staying hydrated year-round.

11. Pro: Active community 

Salt Lake City’s residents are generally active and health-conscious. From biking and running trails to yoga studios, the city provides plenty of ways to stay fit and healthy. Local farmers’ markets and health food stores further support this lifestyle.

A native of the northern suburbs of Chicago, Carson made his way to the South to attend Wofford College where he received his BA in English. After working as a copywriter for a couple of boutique marketing agencies in South Carolina, he made the move to Atlanta and quickly joined the Rent. team as a content marketing coordinator. When he’s off the clock, you can find Carson reading in a park, hunting down a great cup of coffee or hanging out with his dogs.

Source: rent.com

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The Best Western credit cards — previously issued by the First National Bank of Omaha, but closed to new applicants — are back with new benefits and a new issuer. The Best Western Rewards® Visa Signature® Card and Best Western Rewards® Premium Visa Signature® Card are now issued by First Bank & Trust and managed by financial technology company Mercury Financial.

Each card offers rewards on Best Western stays and other purchases. Beyond that, you’ll also get travel and cell phone protections, elite status and sign-up bonuses. However, the bonus offer amount you can qualify for may vary. You can check to see whether you’re preapproved for the cards without affecting your credit, and if so, you’ll see what bonus you’re eligible for.

Here’s how the two cards compare:

Best Western Rewards® Visa Signature® Card

Best Western Rewards® Premium Visa Signature® Card

Annual fee

Bonus offers

10,000 to 40,000 points with qualifying spend.

20,000 to 80,000 points with qualifying spend.

  • 14 points per $1 on Best Western stays and purchases: 10 points as a Best Western Rewards member, 4 points for using the card. (The Best Western Rewards program is free to join.)

  • 2 points per $1 on all other purchases.

  • 20 points per $1 on Best Western stays and purchases: 10 points as a Best Western Rewards member, 10 points for using the card.

  • 4 points per $1 at gas stations and grocery stores.

  • 2 points per $1 on all other purchases.

Elite status

Automatic Gold status, which includes:

  • 10% bonus points per stay.

  • Exclusive reservation line.

  • No blackout dates.

Automatic Platinum status, which includes:

  • 15% bonus points per stay.

  • Exclusive reservation line.

  • No blackout dates.

  • Early check-in and late check-out.

Other benefits

  • Earn 10,000 bonus points when you spend $5,000 in a year.

  • Cell phone protection.

  • Reimbursement for trip cancellations, interruptions and delays.

  • Earn up to two free night awards: one after your cardmember anniversary, and another after your cardmember anniversary when you spend $10,000 that year.

  • Cell phone protection.

  • Reimbursement for trip cancellations, interruptions and delays.

NerdWallet values Best Western points at about 0.6 cent each. You can redeem Best Western points for hotel bookings, gift cards, airline miles and more. You must redeem at least 5,000 points, and point values can vary based on how you use them.

What changed?

In short, not much is different for the no-annual-fee version of the Best Western credit card, beyond a slight bump in rewards for staying with Best Western. But it’s a different story for the more expensive Best Western Rewards® Premium Visa Signature® Card, which did indeed get some notable and valuable improvements.

For one thing, that version of the card now earns extra rewards on gas and groceries, which previously earned only the card’s base rate of 2x back. More importantly, the premium version also now offers a free anniversary night, as well as the chance to earn a second one — perks that can easily offset that card’s annual fee.

Source: nerdwallet.com

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While Chicago has plenty of icons that draw travelers from near and far, true Chicagoans know exactly where to find unique adventures that will help you get to know the real Windy City. Maybe you are looking for a rental house in Chicago to test the waters, or you want to buy a home near the heart of the city, or maybe your goal is to find an apartment overlooking Lake Michigan. Regardless of what you are looking for, these 16 hidden gems in Chicago are bound to make you feel home. 

1. Enjoy an iconic Chicago-dog at Jeff’s Red Hots

“When in Chicago, it is non-negotiable to eat a Chicago-Style Hot Dog.” Jeff’s Red Hots has been around since 1977, serving Chicago and its visitors one of the best hot dogs in the city. Whether you’re moving into the Portage Park neighborhood or just passing through town, grabbing a Chicago-Style dog from this local, family-owned business is an absolute must. 

2. Raise a glass at Pops for Champagne

“As a wine expert in the Chicago area, my number one must-visit is Pops for Champagne,” says Sommelier Jane Norrington of See Jane Drink Wine. Pops is the oldest wine bar in the U.S. dedicated to champagne, offering over 150 champagnes and hundreds of other varieties of wines from across the world. “The staff is next to none, and their food menu offers perfect pairings for your glass. My favorite? A glass of Domaine de Bichery Blanc de Blanc paired with French fries and Dijonnaise.” 

3. Meet new people and take in Lake Michigan by bike

“Bike the Drive turns Lake Shore Drive into a cyclists’ paradise,” says Mariya, owner and photographer at Mariya S Photography. She highly recommends the annual event that takes place at Butler Field in The Loop neighborhood. Thousands of people bike to and from a 15-mile stretch of Lake Shore drive that closes to traffic for cyclists of all ages. “It’s such a thrilling event – you’re surrounded by the coolest people biking along a gorgeous skyline and watching the sunrise over Lake Michigan,” says Mariya. 

4. Get into the fall spirit with Jack’s Pumpkin Pop Up

“If you’re looking for a fun fall outing, check out Jack’s Pumpkin Pop Up on Goose Island,” shares WeLovePopUps, your go-to resource for the best seasonal pop ups in Chicago. They have everything from a corn maze to cute photo spots, carnival games, and tasty fall drinks. “The whole place just screams cozy autumn vibes, and it is a perfect way to soak in the season with friends.” 

5. Make the most of an evening with a food tour

Lauren, owner of Stunning & Brilliant Events, a multi-city wedding planning team, recommends getting to know the flavors of Chicago with a food tour fit for any evening out on the town. “I suggest going for the king crab roll at Maple & Ash located in the Gold Coast,” says Lauren. “Then, pop over to The Bellevue across the street to sip and sit on the patio with their Greek salad. End the night at Adalina for a night cap – and don’t pass up their chicken parmesan pizza if it’s a Sunday.”

6. Discover Wonderverse, an immersive entertainment venue 

There are countless things to do indoors and outdoors in Chicago, but Wonderverse is like entering a whole new world. Here is a little bit about them in their own words: “If you’re getting to know the city, make sure to add Wonderverse to your bucket list. Whether you’re looking for fun entertainment or virtuality experiences, Wonderverse has something for everyone. Enjoy NFL game days with platters and drink specials, test your knowledge with weekly trivia, or immerse yourself in themed events like our Halloween-inspired Hotel Transylvania Character Brunch. Wonderverse is the ultimate destination for family fun, food, and entertainment.”

7. Take a breath of fresh air at a nearby lake 

“Escape the city for a day out on beautiful Lake Geneva with us at Lake Geneva Cruise Lines.” Take a day-trip to find the perfect cruise to fit the vibe you’re looking for. Offering numerous sightseeing and meal cruises, there is a one-of-a-kind boat tour for everyone on board. “Our narrated boat tours cruising through October are the best way to see the fall foliage around the lake and make for a fun fall adventure.”

8. Find amazing views and variety at the Museum Campus 

Nate, portrait and lifestyle photographer at Nathaniel Smith Photographs, recommends exploring the numerous parks and museums in this unique area of the city. “The view of the city at night from the Museum Campus is unmatched. The museums are all top notch, it’s a perfect place to bike, and there are concerts at night in the summer at Northerly Island.” 

9. Toast to a great evening with cocktails fit for a king

Get a mystical perspective at King of Cups Cocktail Lounge with a wonderful cocktail program sure to please any pallet. Located in the Lincoln Park neighborhood, dive into your future with one of their nightly tarot readings paired with a royal cocktail, or stop by for one of their amazing happy hours. 

10. Get to know the city equipped with coffee and books

If you’ve just moved to Chicago and are a coffee enthusiast, Metric Coffee is the place to be. Located in the Industrial Corridor of the West Town neighborhood, they offer free cuppings and coffee tastings every Friday morning. Metric also suggests checking out MYOPIC Books in nearby Wicker Park. “This amazing bookstore is a local hidden gem for new and used books, and even hosts a variety of author events.” 

11. Bring a taste of Michigan to your Chicago experience 

Lola’s Coney Island in Humboldt Park is a prime example of the cuisine that makes Chicago one of the top places in the country to go for food. Grab a true authentic Coney-dog straight from Detroit, a classic Chicago-dog, or try one of Lola’s specially made hybrid versions.

12. The Windy City is only the beginning 

On the local side, Andrew and Catie of Lesser Known Adventures recommend Ricobene’s for their famous steak sandwiches, but they love Chicago most for its close proximity to so much more. “Within an hour’s drive, you could be riding a roller coaster at Six Flags Great America or, if you’re a car enthusiast, checking out the largest collection of vintage and Hollywood movie cars at the Volo Auto Museum. And, if you’re in the mood for an epic road trip, Chicago is the starting point of the historic Route 66 – one of the best road trips in the world.” 

13. Discover Christmas in Chicago 

“Braving the cold is a Herculean task, but there is always something fun to make it worth it,” shares Joshua, manager of Overflow Coffee in the heart of the city. The Christkindlmarket, a German-style Christmas market for winter holiday fun. “They have great food, music, gifts, knickknacks, ice skating, spiced wine or hot chocolate served in collectible mugs, and tons of Christmas spirit. It is something you’ll want to make into a tradition for sure.” 

14. Classic Italian comfort is just around the corner

Buona Terra Ristorante has been a beloved staple in the Irving Park community for the past 23 years. Best known for its authentic Italian cuisine and fresh, locally sourced menu, Buona Terra is perfect for a cozy dinner or a special occasion. It has become a favorite among Chicago residents as a delightful escape right in the neighborhood.  

15. Attend one of the many neighborhood summer festivals

“Chicago is a city of neighborhoods,” shares travel blogger Travel With Meena, “each with a distinct character that comes through during these summer celebrations of local art, music, and food. Contribute to an interactive art piece or catch a canine fashion show at the Logan Square Arts Festival. Watch fire dancers, listen to local bands and sip on local brews at Wicker Fest, or dive into the city’s Scandinavian heritage at Andersonville Midsommarfest. This is the real Chicago.”

16. Marvel at the annual Chicago Air and Water Show

At the end of the summer, the Chicago Air and Water Show roars across the shore, bringing the largest free show of its kind in the U.S. to Lake Michigan. Susan, owner of local wedding planning company Big City Bride, says “It’s a perfect beach day to enjoy the lake when it’s at its warmest of the season. You can feel the electricity in the air when the Blue Angels rip through the sky.”

Hidden gems in Chicago: final thoughts 

Whether you like to keep close to the heart of the city or embrace your adventurous side, living in Chicago will always have something exciting to offer. These hidden gems in and around the Windy City are sure to make Chicago feel more like home – regardless of how long you stay. 

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A due-on-sale clause — also known as an alienation clause — is wording commonly found in the fine print of a mortgage agreement. It allows lenders to enforce being repaid for the balance of a home loan when the property is either sold or, in some instances, transferred to another owner. That’s a simple explanation, but there is more to it so let’s dig a bit deeper.

What Is a Due-on-Sale Clause?

Understanding how home loans work is an important part of the home-buying process. Here’s what to know about a due-on-sale clause before you sell or purchase a home:

Definition and Purpose

A mortgage due-on-sale clause or alienation clause requires that the loan be paid in full when the home is sold. You may have heard about assumable mortgages becoming more popular as a way for buyers to sidestep higher interest rates by taking over a seller’s mortgage at a lower-than-typical rate. The due-on-sale clause prevents one buyer’s mortgage from being assumed by whoever purchases the house next.

Lenders began using due-on-sale clauses in the 1970s as interest rates spiked and buyers assumed the seller’s loan instead of applying for a new one with a higher rate. While homeowners won several court battles against this rule during the time, the U.S. Supreme Court ultimately ruled in favor of the banks. Congress formally legalized the due-on-sale clause for mortgages with the Garn-St. Germain Federal Depository Institutions Act in 1982.

Where It’s Found in Mortgage Documents

A due-on-sale clause should be located in your loan agreement. If you can’t find it in your paperwork, it’s worth calling your lender, especially if you plan to sell your house soon. Most, if not all, conventional loans are not assumable, meaning there should be a due-on-sale clause in place.

Some mortgages are assumable, and don’t have this type of clause in the loan agreement. Assumable loans include:

•   FHA loans backed by the Federal Housing Administration

•   VA loans backed by the U.S. Department of Veterans Affairs

•   U.S. Department of Agriculture loans

Remember, though, that even if a loan is assumable, the new borrower still needs to qualify for the loan. In many situations, however, they don’t have to go through the whole mortgage process. They simply get to assume the existing mortgage from the original owner. Also note that there are unique FHA flipping rules that you may need to be aware of if purchasing a home that has been owned by the seller for a brief time is a part of your plan.

First-time homebuyers can
prequalify for a SoFi mortgage loan,
with as little as 3% down.

Questions? Call (844)-763-4466.

Recommended: Choosing a Mortgage Term

How the Due-on-Sale Clause Works

Now that you understand what an alienation clause or due-on-sale clause is, find out how it works so you can avoid lenders invoking this portion of your loan agreement.

Triggering Events

Lenders are notified when ownership of a property securing a loan is transferred. If the seller doesn’t automatically pay off the loan balance at closing, the lender may choose to invoke the due-on-sale clause.

There are a few other situations that would cause a lender to invoke the due-on-sale clause. These include:

•  Transferring the property to a family member without a death or divorce

•  Transferring the property into an irrevocable trust

•  Transferring the property into a lease of more than three years

•  Changing ownership from a personal property to an LLC or vice-versa

•  Creating a junior lien that would lower the lender’s stake in a property

Lender Rights and Actions

In these cases, the lender could require the recipient of the property to transfer the title back to the original owner. The recipient usually has a set amount of time to do this, such as 30 days.

Another option for lenders, however, is to foreclose on the home if the original borrower is unable to provide the remaining mortgage balance. In these situations, refinancing the property or possibly modifying the original loan are also possibilities. (To see how much your monthly payment would likely be after a refinance, use a mortgage calculator.)

Impact on Property Transfers

The due-on-sale clause makes it more difficult to transfer properties to new owners. After the Supreme Court ruling, those recipients must meet certain criteria. Plus, even if they do meet the criteria, they must still qualify for the loan.

Exceptions to the Due-on-Sale Clause

There are exceptions that cause the due-on-sale clause to not take effect. Those exceptions are:

•  Divorce: If the original borrower loses the house in a divorce settlement, the due-on-sale clause should not go into effect.

•  Inheritance: Should the primary borrower die, then their children or surviving spouse can inherit the house without triggering the due-on-sale clause. With the average mortgage length being 30 years, it’s understandable that unique rules had to be put in place to account for buyers dying before their mortgage was fully paid.

•  Joint tenancy: If two or more people jointly own a property, then the death of one owner doesn’t trigger the due-on-sale clause. Instead, whatever portion of the property was owned by the deceased borrower is transferred to the other remaining borrowers.

•  Living trust: When a property is transferred to a living trust, there are no legal ramifications. A living trust is when a trustee is designated by a property owner to manage an estate.

Implications for Buyers and Sellers

If you’re the seller, the due-on-sale clause simply means that whatever money you make in the sale of your house must be adequate to satisfy your remaining loan balance. If it doesn’t, you have to be able to pay off your remaining mortgage obligations with other funds.

For the buyer, the implication of the due-on-sale clause is that the seller will have a minimum price that needs to be met in order for them to sell the home. The original lender must receive the amount it is due, or the house will not be free and clear for sale.

Fortunately, the desire to transfer an existing mortgage to a new borrower who is unrelated to the seller doesn’t happen very often.

Legal Aspects and Enforcement

It’s important to remember that there are situations where the due-on-sale clause cannot be invoked. As noted above, a title transfer that occurs because of a divorce or death usually forbids lenders from seeking immediate repayment. And even if lenders are within their rights, they still must provide ample notification before invoking the due-on-sale clause.

Recommended: Active Contingent in Real Estate: What You Need to Know

The Takeaway

The due-on-sale clause (or alienation clause) limits who can take over an existing mortgage from a homeowner, and it essentially establishes a minimum sales price that a buyer would have to meet in order for a seller to be able to agree to a contract. This is because lenders must always receive any remaining money owed on a mortgage when a home is sold.

Looking for an affordable option for a home mortgage loan? SoFi can help: We offer low down payments (as little as 3% – 5%*) with our competitive and flexible home mortgage loans. Plus, applying is extra convenient: It’s online, with access to one-on-one help.

SoFi Mortgages: simple, smart, and so affordable.

FAQ

Can I transfer my property without triggering the due-on-sale clause?

It depends on the situation, but there are some situations where it can be done, depending on the original loan agreement. For example, it’s often possible to transfer a property during a divorce, and it’s also possible to transfer the property to an immediate family member after the death of the primary borrower.

What happens if I violate the due-on-sale clause?

If you violate the due-on-sale clause, the biggest thing that can happen is that your lender can demand immediate full repayment of your outstanding loan balance. If you are unable to pay, then you are at risk of foreclosure, which can damage your credit score for seven years.

Are there any mortgages without a due-on-sale clause?

It’s rare to find a conventional mortgage without a due-on-sale clause because it’s in the lender’s best interest. However FHA, VA, and USDA loans typically don’t have this clause.

Photo credit: iStock/Perawit Boonchu

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

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Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility for more information.

*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.

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.

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.

¹FHA loans are subject to unique terms and conditions established by FHA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. FHA loans require an Upfront Mortgage Insurance Premium (UFMIP), which may be financed or paid at closing, in addition to monthly Mortgage Insurance Premiums (MIP). Maximum loan amounts vary by county. The minimum FHA mortgage down payment is 3.5% for those who qualify financially for a primary purchase. SoFi is not affiliated with any government agency.

†Veterans, Service members, and members of the National Guard or Reserve may be eligible for a loan guaranteed by the U.S. Department of Veterans Affairs. VA loans are subject to unique terms and conditions established by VA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. VA loans typically require a one-time funding fee except as may be exempted by VA guidelines. The fee may be financed or paid at closing. The amount of the fee depends on the type of loan, the total amount of the loan, and, depending on loan type, prior use of VA eligibility and down payment amount. The VA funding fee is typically non-refundable. SoFi is not affiliated with any government agency.

This article is not intended to be legal advice. Please consult an attorney for advice.

SOHL-Q324-026

Source: sofi.com

Apache is functioning normally

If you’re considering living in McAllen, there are a lot of factors to consider. Located in the Rio Grande Valley, McAllen is full of charm and natural beauty. That said, like any city, it has its own set of cons to go along with the pros.

Below, I’ll walk you through 13 specific pros and cons of moving to McAllen. Give this short guide a quick read before you decide if living in Texas and calling McAllen home is right for you.

McAllen at a glance

Walk Score: 41 | Bike Score: 46
Median Sale Price: $245,000 | Average Rent for 1-Bedroom Apartment: $844
Houses for rent in McAllen | Apartments for rent in McAllen | Homes for sale in McAllen

1. Pro: Affordable cost of living

Living in McAllen comes with a lower cost of living compared to larger Texas cities. Housing is especially affordable, with home prices and rents well below the national median sale price. Groceries, utilities, and healthcare costs are also lower, making day-to-day expenses manageable.

2. Con: Hot, humid climate

The weather in McAllen can be challenging, especially if you’re not used to extreme heat. Summers regularly reach over 100°F and stay there. The high humidity can make it feel even hotter. Winters are mild, but the intense summer heat lasts for months, placing McAllen among the hottest cities in the U.S.

3. Pro: Access to quality healthcare

McAllen has a strong healthcare system with several respected hospitals and medical centers in the area. The city is known for offering a wide range of medical services, which is a major benefit for retirees and families looking for quality healthcare options nearby.

4. Con: Limited public transportation

McAllen’s public transportation system is not as developed as in larger cities. The Metro McAllen bus service is available, but its limited routes can make getting around without a car difficult. Most residents rely on personal vehicles for daily transportation.

5. Pro: Proximity to nature and wildlife

McAllen’s location near natural reserves like the Santa Ana National Wildlife Refuge is a major plus. Residents enjoy legendary bird-watching, hiking, and outdoor activities just a short drive from the city. 

6. Con: Minimal entertainment options

While McAllen has some entertainment, it lacks major attractions like theme parks or large concert venues. For those who enjoy big-city entertainment, you’ll need to visit friends living in San Antonio or Houston for more options.

7. Pro: Family-friendly atmosphere

McAllen is known for being a family-friendly city, with solid schools and plenty of parks. Families appreciate the low cost of living and friendly community. The city also hosts family-oriented events and activities throughout the year.

8. Con: Traffic congestion during rush hour

Despite being a smaller city, McAllen experiences traffic congestion during peak hours. The city’s growth has led to more cars on the road, particularly along the major highways. Rush-hour commutes can be frustrating, especially during the hot summer months.

9. Pro: Convenient border location

McAllen is just a short drive from the U.S.-Mexico border, making it easy to visit Mexico for a weekend trip. This proximity offers unique experiences and easy access to affordable shopping and dining options across the border.

10. Con: Lackluster education system

While McAllen has some strong schools, the overall education system has room for improvement. Test scores in the area are often below the national average, which may be a concern for parents considering moving to the city with school-age children. The city is home to South Texas College but this alone can’t land it a spot among the top Texas college towns.

11. Pro: Cultural diversity and local events

McAllen is known for its diverse population, with a mix of influences from Mexico and the local community. The city hosts a handful of local festivals, including the annual Fiesta De Palmas and McAllen Holiday Parade, which bring people together for food, music, and fun.

12. Con: High property taxes

Property taxes in McAllen can be higher than expected. Although home prices are affordable by Texas standards, the property tax rates in the area can offset some of the savings. Homeowners should be prepared for this additional cost when budgeting.

13. Pro: Growing economy and infrastructure

McAllen’s economy has been steadily growing, and the city continues to invest in improving infrastructure. New businesses and residential developments are popping up, which boosts the local economy and provides more opportunities for locals to live and work in McAllen.

A native of the northern suburbs of Chicago, Carson made his way to the South to attend Wofford College where he received his BA in English. After working as a copywriter for a couple of boutique marketing agencies in South Carolina, he made the move to Atlanta and quickly joined the Rent. team as a content marketing coordinator. When he’s off the clock, you can find Carson reading in a park, hunting down a great cup of coffee or hanging out with his dogs.

Source: rent.com

Apache is functioning normally

If you’re looking for a premium travel credit card, you might be weighing the value of American Express Centurion lounge access with Capital One lounge access. Centurion lounges have been around longer, offering high-end amenities for eligible cardholders since 2013. Capital One, meanwhile, recently launched its first lounges and is quickly building out its network.

The better choice depends on where you travel and what’s most important to you. My take: Both lounge networks have a lot to offer, but the Centurion Lounges by American Express edge out Capital One lounges.

Because there are more Centurion lounge locations, it’s more accessible for eligible cardholders. These lounges also offer premium drinks at no extra charge, unlike Capital One lounges.

Still, it’s a close competition. Capital One offers more convenient dining options. Once Capital One opens more locations, it could steal the title for the best airport lounge network from American Express.

Winner: American Express Centurion lounges

Capital One currently has three airport lounge locations — Dallas-Fort Worth, Denver and Washington-Dulles. In June 2024, it announced an upcoming lounge in New York-JFK to compete with the AmEx Centurion Lounge and Chase Sapphire Lounge by The Club.

The Centurion Lounge by American Express has 13 locations within the U.S.

The Centurion World Lounge Collection also features lounges in 11 additional locations across the globe.

Ease of access

Winner: Tie

Access to the Capital One lounges and Centurion lounges is limited to eligible cardholders and their guests. While non-cardholders can pay an entrance fee, they must be accompanied by an eligible cardholder.

Though Centurion lounges offer more access options, Capital One lounges offer complimentary access for up to two guests without an annual spending requirement.

Capital One lounges

Through Dec. 31, 2024, Capital One Venture Rewards Credit Card and Capital One Spark Miles cardholders receive two complimentary lounge passes each year. Cardholders can use these passes for themselves or to bring a guest into the lounge with them. Starting in January 2025, there is a $45 fee per person for the cardholder and their guests who wish to enter the lounge.

How the cards compare

Capital One Venture X Rewards Credit Card

Capital One Venture Rewards Credit Card

Capital One Venture X Business

Annual fee

Welcome offer

Earn 75,000 bonus miles when you spend $4,000 on purchases in the first 3 months from account opening, equal to $750 in travel.

Enjoy a one-time bonus of 75,000 miles once you spend $4,000 on purchases within 3 months from account opening, equal to $750 in travel.

Earn 150,000 bonus miles once you spend $30,000 in the first 3 months from account opening.

Still not sure?

American Express Centurion lounges

The Platinum Card® from American Express and The Business Platinum Card® from American Express cardholders receive complimentary entrance, but they must pay $50 for each guest ($30 for children ages 2 to 17). However, when you spend at least $75,000 each calendar year, you’ll earn complimentary access for up to two guests on each visit. Centurion cards still offer complimentary guest access for up to two people or immediate family members without the annual spending requirement.

In addition to Centurion and Platinum cards, AmEx customers who have the personal or business version of the Delta SkyMiles® Reserve American Express Card credit card also receive access to the Centurion lounge. However, these customers must be flying on an eligible Delta flight. They cannot enter the lounge when flying other airlines. Delta SkyMiles® Reserve American Express Card cardholders can bring up to two guests into the lounge. However, the charge is $50 for adults and $30 for children ages 2 to 17 years.

How the cards compare

The Platinum Card® from American Express

The Business Platinum Card® from American Express

Delta SkyMiles® Reserve American Express Card

Annual fee

Welcome offer

Earn 80,000 Membership Rewards® Points after you spend $8,000 on eligible purchases on your new Card in your first 6 months of Card Membership. Terms Apply.

Earn 150,000 Membership Rewards® points after you spend $20,000 in eligible purchases on the Card within the first 3 months of Card Membership. Terms Apply.

Earn 100,000 Bonus Miles after you spend $6,000 in eligible purchases on your new Card in your first 6 months of Card Membership. Terms Apply.

Still not sure?

Meals and snacks

Winner: Capital One lounges

The Capital One lounges serve food in single-serving containers rather than traditional buffet dining. It also offers to-go items for travelers on the run, making it a more convenient option than Centurion lounges.

Although it costs money to have a premium travel credit card or pay for airport lounge admission, you save money by getting free meals inside. Capital One lounges and American Express Centurion lounges both offer delicious food for travelers, although the experiences are quite different.

Capital One lounges

(Photo by Lee Huffman)

Capital One lounges feature a “chef-inspired menu” with single-serving dishes that make it simple and easy for visitors to grab food. Walk up and select any of the available food and dessert items from the serving stations.

Food items vary throughout the day to correspond with breakfast, lunch and dinner. For travelers in a hurry, Capital One also offers grab-n-go items that they can take with them.

American Express Centurion lounges

(Photo by Lee Huffman)

Centurion lounges offer “fresh seasonal fare created by locally renowned chefs.” The food is served buffet-style, so you can take as much or as little as you’d like. Items are updated as trays get empty and change throughout the day.

Visitors can enjoy a delicious meal and top it off with delicious dessert items.

Drink options

Winner: Centurion lounges

Lounges typically offer craft cocktails, local craft brews and assorted beverages. Centurion lounges offer complimentary premium beverages, while Capital One lounges charge for orders beyond domestic beers, house wines and well drinks.

Capital One lounges

(Photo by Lee Huffman)

Capital One lounges offer complimentary beverages to visitors. However, if you want premium drinks, there may be an additional charge.

American Express Centurion lounges

(Photo by Lee Huffman)

When ordering a drink at a Centurion lounge, all beverages are complimentary. So, treat yourself to top-shelf liquor, artisan wines or craft beer without worrying about ringing up a huge tab. Although Centurion lounge drinks are free, remember to tip the bartender.

Other amenities

Winner: Tie

Capital One lounges offer dedicated workout and multi-faith rooms, while Centurion lounges offer massages, manicures and other amenities that vary by location.

Aside from food and drinks, premium lounges offer other amenities to make your visit special. Amenities vary by location, but you may be able to book a conference room, shower, sleep pod and other goodies.

Capital One lounges

(Photo by Lee Huffman)

Capital One sets itself apart by offering a dedicated workout space that features Peloton bikes and a view of the runway. It also has a multi-faith room for travelers who wish to pray, meditate or have a quiet moment of reflection before their flight.

American Express Centurion lounges

(Photo by Lee Huffman)

Visitors to the Centurion lounge may be able to spoil themselves with a massage or manicure in between flights. These amenities typically require booking an appointment ahead of time, so plan ahead so you don’t miss out. Some locations also offer other amenities, like a pool table or shuffleboard, to help pass the time in between flights.

Additional lounge access for cardholders

Winner: American Express

In addition to accessing the Capital One lounges and Centurion lounges, eligible cardholders have access to other lounge networks. American Express takes the edge as it partners with more lounge operators than Capital One.

Capital One

The Capital One Partner Lounge Network includes complimentary access to more than 1,300 Plaza Premium Lounges and Priority Pass lounges for eligible cardholders and up to two guests. To enter Plaza Premium lounges, just show your eligible Capital One credit card and your boarding pass.

For Priority Pass lounges, you must enroll by visiting its website and entering your credit card number.

American Express

The American Express Global Lounge Collection includes more than 1,400 airport lounges across 140 countries. In addition to Centurion Lounges, cardholders have access to Escape Lounges, Delta Sky Club, Lufthansa, Plaza Premium Lounges and Priority Pass Lounges.

Travelers can access the Escape Lounges, Plaza Premium Lounges and Priority Pass lounges for free and bring up to two guests at no additional charge. However, Priority Pass access requires manual activation through the benefits section of your American Express account or by calling AmEx customer service.

Access to the Delta Sky Club and Lufthansa lounges requires a same-day boarding pass for the respective airlines. Effective Feb. 1, 2025, Hawaiian Airlines® Business Mastercard® and The Business Platinum Card® from American Express cardholders are limited to 10 visits to Delta Sky Club lounges per year.

To view rates and fees of The Platinum Card® from American Express, see this page.
To view rates and fees of The Business Platinum Card® from American Express, see this page.
To view rates and fees of the Delta SkyMiles® Reserve American Express Card, see this page.

How to maximize your rewards

Source: nerdwallet.com

Apache is functioning normally

If you’ve always dreamed of opening your own business, now may be the time. The entrepreneurial spirit is thriving in the U.S. as historic numbers of Americans start their own companies. In 2023, a record 5.5 million new business applications were filed, according to the U.S. Census Bureau. The trend started in 2020 during the pandemic and has accelerated ever since.

There are many reasons why new business is big business today. For some individuals, the allure of running their own enterprise is a motivation too strong to resist. Others see opportunity created by changing consumer tastes and needs. For yet other people, starting a business may be a way to start over after a job layoff.

Small businesses are the backbone of the U.S. economy, employing 46% of the workforce, according to the Small Business Administration (SBA). But of course, a new business needs to stay in business. And one of the key factors that can help determine its success: Location, location, location.

So then, where is the best place to start a business? In what cities can a new business not only find its footing but go on to flourish?

To discover the answer, SoFi looked at the 50 largest cities across the U.S. with populations of 500,000 or less, and ranked them on eight different criteria, including annual business applications, average cost of office space, unemployment rates, and cost of living. We assessed the criteria for each city on a 10-point scale for a possible total score of 80 points. (See below for the complete details about our methodology.)

What we found was that while businesses are starting nationwide, certain cities across the country seem to be particularly beneficial for new businesses. Read on to learn the 10 best cities to start a business in the U.S.

Key Points

As SoFi analyzed the data about each city, these important findings stood out:

•   The South is a hotspot for new businesses. Three of the top 10 cities on our list are in Florida, and all score high in self employment. Plus, Florida has increasing numbers of businesses owned by underrepresented groups. Atlanta, the Number 3 city overall, has a large population of working age people and ranks high for new business applications.

•   Cold-weather cities are offering new businesses a warm welcome. Minneapolis clinched the Number 2 spot on our list, and St. Paul, Minnesota and Madison, Wisconsin scored in the top 10. All three have large populations of working age people.

•   Texas is poised to become a new-business powerhouse. The Lone Star State has 2 of the top 10 cities on the list — Plano and Irving. Younger people are gravitating to Texas, giving new businesses in these cities plenty of working age adults to employ.

Our Findings

Reviewing the entire list of cities in the SoFi analysis reveals some important, even surprising, information for aspiring business owners. For instance, Miami is the city with the most new business applications and highest level of self employment, while Witchita, Kansas, offers the best prices for office space, and Cleveland has the lowest cost of living.

Check out how other top cities rank when it comes to opening a new business.

Ranking City Walkability Score Cost of Living Score Office Space Cost Score Household Income Score Unemployment Score New Business Score Self-Employment Score Working Age Score Total Score
1 Miami, Florida 8.85 3.74 0.44 4.46 5.14 10.00 10.00 9.50 52.13
2 Minneapolis, Minnesota 8.16 4.55 4.60 6.21 4.73 3.17 9.71 10.00 51.13
3 Atlanta, Georgia 5.52 4.14 2.65 6.32 4.05 9.75 7.88 9.99 50.30
4 Plano, Texas 4.71 3.43 3.79 8.60 6.22 4.26 8.68 9.21 48.89
5 St. Louis, Missouri 7.59 5.45 5.27 4.31 4.73 3.55 8.22 9.36 48.48
6 St. Paul, Minnesota 8.16 4.85 5.36 5.69 5.27 2.50 6.98 9.25 48.06
7 Orlando, Florida 4.71 4.44 2.88 5.39 5.14 7.05 8.66 9.74 48.01
8 St. Petersburg, Florida 4.94 4.75 3.23 5.72 5.95 5.62 8.77 8.99 47.97
9 Madison, Wisconsin 5.75 4.19 5.10 6.09 7.30 2.31 6.61 9.99 47.34
10 Irving, Texas 5.17 4.60 5.36 6.24 5.81 4.57 5.90 9.31 46.97
11 Lincoln, Nebraska 5.06 5.05 5.79 5.52 6.62 1.94 7.60 9.14 46.71
12 New Orleans, Louisiana 6.67 4.65 4.71 5.10 2.97 5.32 7.85 9.04 46.30
13 Jersey City, New Jersey 10.00 2.78 0.00 7.41 5.00 3.89 7.35 9.86 46.29
14 Lubbock, Texas 4.48 5.35 5.49 4.78 6.35 2.36 8.09 9.34 46.25
15 Omaha, Nebraska 5.52 5.15 5.59 5.71 5.81 2.85 6.58 8.89 46.10
16 Pittsburgh, Pennsylvania 7.13 5.20 4.28 4.90 5.41 2.43 6.61 9.63 45.58
17 Lexington-Fayette, Kentucky 3.91 4.90 5.69 5.38 5.14 2.86 8.31 9.20 45.39
18 Colorado Springs, Colorado 4.14 3.99 4.94 6.43 5.00 4.11 7.61 9.10 45.32
19 Virginia Beach, Virginia 3.79 4.14 4.86 7.12 6.22 3.84 6.12 8.94 45.04
20 Arlington, Texas 4.37 4.70 5.26 5.83 5.14 3.58 6.44 9.21 44.52
21 Tulsa, Oklahoma 4.48 5.45 5.53 4.61 4.46 3.21 7.75 8.80 44.30
22 Gilbert, Arizona 3.33 3.33 2.71 9.37 6.08 3.83 6.65 8.85 44.16
23 Santa Ana, California 7.70 2.27 3.94 6.85 5.27 2.99 5.56 9.42 44.01
24 Reno, Nevada 4.60 3.79 4.41 6.64 5.14 3.55 6.72 9.10 43.95
25 Aurora, Colorado 4.94 3.84 4.40 6.40 5.14 3.77 6.19 9.24 43.91
26 Durham, North Carolina 3.45 4.70 3.63 6.08 5.54 3.61 7.41 9.44 43.85
27 Long Beach, California 8.39 2.07 2.18 6.43 4.05 3.46 7.59 9.60 43.77
28 Chandler, Arizona 4.02 3.59 4.40 8.08 5.81 3.83 4.79 9.20 43.72
29 Anaheim, California 6.44 1.82 4.70 7.20 5.27 2.99 5.88 9.24 43.55
30 Corpus Christi, Texas 4.60 5.25 6.11 5.21 5.14 1.94 6.37 8.85 43.47
31 Tampa, Florida 5.75 4.60 0.23 5.43 4.86 5.61 7.43 9.54 43.45
32 Buffalo, New York 7.70 5.66 6.01 3.76 3.92 2.02 4.90 9.04 43.00
33 Irvine, California 4.94 0.00 2.04 10.00 5.41 2.99 7.89 9.72 42.98
34 Oakland, California 8.62 0.81 0.03 7.68 4.46 2.43 9.40 9.44 42.86
35 Wichita, Kansas 4.02 5.35 6.45 4.94 5.00 2.50 5.75 8.78 42.79
36 Honolulu, Hawaii 7.59 0.66 2.98 6.73 6.35 2.46 7.24 8.74 42.74
37 Raleigh, North Carolina 3.56 4.39 2.40 6.40 5.95 3.95 6.32 9.69 42.65
38 Henderson, Nevada 3.45 4.04 3.55 6.94 4.32 4.45 7.21 8.33 42.29
39 Cincinnati, Ohio 5.63 5.20 6.06 4.00 3.38 3.28 5.20 9.50 42.25
40 Fort Wayne, Indiana 3.68 5.45 6.19 4.74 4.73 2.67 5.83 8.52 41.81
41 Greensboro, North Carolina 3.33 5.30 5.16 4.48 4.19 3.55 6.57 9.20 41.78
42 Anchorage, Alaska 3.56 3.38 2.40 7.79 5.27 2.83 7.05 9.14 41.42
43 Toledo, Ohio 5.29 5.61 6.28 3.69 2.70 2.75 6.25 8.72 41.29
44 Riverside, California 4.94 3.13 4.68 6.79 4.46 2.34 5.33 9.44 41.11
45 North Las Vegas, Nevada 3.91 4.55 4.50 5.84 3.24 4.45 4.11 9.04 39.63
46 Chula Vista, California 5.29 2.12 2.66 8.29 1.62 2.57 6.95 9.14 38.65
47 Cleveland, Ohio 6.55 5.81 5.63 3.03 0.00 3.77 4.87 8.98 38.64
48 Newark, New Jersey 8.74 4.24 3.11 3.78 1.22 4.45 3.89 9.11 38.53
49 Stockton, California 5.06 3.69 5.22 5.82 3.38 2.11 4.44 8.81 38.53
50 Bakersfield, California 4.25 3.89 5.39 6.00 3.51 1.73 4.57 8.61 37.97

The Top 10 Cities to Start Your Own Business

The best cities for new businesses tend to be in the South and Midwest, our research found. But no matter where they are located, each of the cities in our top 10 has attributes that make them great locations for aspiring business owners.

1. Miami, FL

Score: 52.13

This vibrant metropolis combines the perks of big-city life, such as an exciting food and nightlife scene and renowned museums and art galleries, with beautiful beaches and warm, sunny weather. Miami’s population has increased steadily in recent years, making it one of the fastest growing cities in the country. And tourists from around the world flock to this oceanside oasis. In short, there are endless opportunities — and customers — for new business owners in Miami.

In SoFi’s analysis, Miami received top scores for new business applications and the number of self-employed individuals. It also rated highly for walkability and its large working-age population. Not only that, prospective business owners in Miami may be able to take advantage of small business grants in Florida that can help with start-up costs.

2. Minneapolis, MN

Score: 51.13

With its friendly midwestern vibe and cosmopolitan charm, Minneapolis has been experiencing population growth since the pandemic. Despite the cold winters, residents say it offers a good quality of life, access to nature, sporting events, arts and culture, and more. The city is also seeing a surge in new housing and economic development.

In the SoFi study, Minneapolis received a top score for its large working-age population. It also got high marks for the number of self-employed residents and the city’s walkability. Another potential selling point for entrepreneurs: The state of Minnesota works to cultivate small businesses, offering assistance and partnerships through its Office of Small Business and Innovation.

3. Atlanta, GA

Score: 50.30

Atlanta is another one of the fastest-growing metro areas in the country, according to Census Bureau data. The city has seen a boom in businesses opening and relocating there, from major corporations to smaller companies. Atlanta’s lifestyle amenities have flourished as well, making the city a draw for its vibrant entertainment offerings, diverse restaurants, and sporting events.

It’s no wonder then that Atlanta has a robust population of working-age individuals, according to SoFi’s research. It also got a high score in our analysis for new business applications. For entrepreneurs, the city has support networks, incentives, and small business loans that make it an appealing place to set up shop.

4. Plano, TX

Score: 48.89

New businesses are popping up across Plano, making it a welcoming community for those ready to launch their own companies. Located less than 20 miles from Dallas, the city is a family-friendly place to live with easy access to a major metro area. People are drawn to Plano’s parks, cultural events, and restaurant offerings — something new business owners can both enjoy personally and benefit from professionally.

SoFi’s research found that Plano has a large working-age population and a high household income. It also ranks near the top of the list for self-employment. Plus, small business grants in Texas can make Plano a good choice for new business owners.

5. St. Louis, MO

Score: 48.48

Located on the Mississippi River and known for its iconic Arch, St. Louis is actively courting new businesses through incentive programs, tax credits, and enterprise zones. The city has a vibrant start-up scene, with business incubators and accelerators. St. Louis, which boasts a diverse culture, historic neighborhoods, and a fairly affordable cost of living, is a top area for job growth, according to recent data from the Federal Reserve Bank of St. Louis.

Indeed, SoFi’s report found that St. Louis gets high marks for its large working-age population, self-employment score, and household income.

6. St. Paul, MN

Score: 48.06

The state capital of Minnesota, and the other half of the famed “Twin Cities” (along with Minneapolis, the Number 2 city on our list), St. Paul is a mid-sized metropolis with a youthful vibe. There are a number of colleges and universities here, giving the city’s employers access to skilled graduates. In our research, the city ranked high for its large working-age population. In addition, St. Paul offers a number of resources for new businesses, including financial and technical assistance.

7. Orlando, FL

Score: 48.01

Home to Disney World and Universal Studios, among many other theme parks, Orlando is not only a coveted tourist destination but also a cosmopolitan city with a strong arts and cultural scene, good restaurants, and a bustling nightlife.

It also has a variety of employment opportunities to attract workers: Orlando is filled with big companies, such as AAA and Darden Restaurants, and it’s a growing technology hub. As a result, the city has a large working-age population, according to SoFi’s analysis. Orlando is welcoming to new businesses and offers many incentives to entrepreneurs.

8. St. Petersburg, FL

Score: 47.97

This Gulf Coast city is so beloved for its weather that it’s known as Sunshine City. St. Pete is appealing to employees and business owners alike for its working and lifestyle opportunities. Here, you’ll find pristine sand beaches and a walkable city with a dynamic business community. Companies like Raymond James and HSN are located in the city, as are a growing number of new businesses.

St. Petersburg has a booming working-age population and it scores high marks in self employment, the SoFi report found. It also offers tax benefits and incentives to new businesses.

9. Madison, WI

Score: 47.34

This state capital was recently rated the sixth best city in the U.S. to live in by U.S. News & World Report, thanks to its quality of life. Madison has a hot job market and it’s a hub for companies in technology, healthcare, and manufacturing. As a college town — the University of Wisconsin-Madison — it also has a diverse population and a dynamic downtown filled with boutiques, restaurants, bars, and coffee shops.

In SoFi’s report, the city rated highly for its working-age population. The unemployment rate in Madison is fairly low, which also makes it desirable. The city offers programs to help small businesses start and succeed, and there are small business grants in Wisconsin entrepreneurs can explore.

Recommended: Unemployment Rates by City

10. Irving, TX

Score: 46.97

Located near Dallas, Irving combines urban amenities with a suburban feel. It has many perks of city living, such as live music venues, ballet and symphony, art, movie theaters, and restaurants. For nature lovers, Irving has a number of rivers and lakes weaving through it, along with parks and nature trails.

Irving’s economy is strong — major corporations in industries such as technology, finance, and consumer goods are located there. SoFi’s research found that the city has a large working-age population, which can be beneficial to new business owners. Irving also offers incentives and resources for small businesses.

Tips for Small Business Owners

If you’re ready to start a small business, these are some important steps to take to help your venture become a success.

•   Choose the right location for your business.
Do your research to pick an area that best suits your business needs. Consider whether the area has the type of customer you’re targeting, a robust workforce, and real estate and operating costs you can afford.

•   Check out local resources, networks, and programs.
Does the location you’re considering offer incentives and tax credits for new and/or small businesses? The cities on our list do, as do many others. Be sure to check with the chamber of commerce, the city’s SBA office, if there is one, and local economic development centers and business incubators.

•   Find the right financing.
The city or state may offer grants or funding for new businesses — do your homework to find out if they do. Also investigate grants and funding programs from the SBA.

As you’re seeking financing for your small business, you may also want to consider a loan to help get your venture off the ground.

When you’re looking for a loan for your new business, SoFi can help. On SoFi’s marketplace, you can shop top providers to access the capital you need. Find a personalized small business loan option today within minutes.

If you’re seeking financing for your business, SoFi can help. On SoFi’s marketplace, you can shop top providers today to access the capital you need. Find a personalized business financing option today in minutes.

With SoFi’s marketplace, it’s fast and easy to search for your small business financing options.

Methodology

To determine the best cities to start a business, SoFi looked at the largest 50 cities across the U.S. with populations of 500,000 or less. (“Population” refers to the city proper and is separate from surrounding urban areas.) SoFi analyzed eight key contributing factors, each assessed on a 10-point scale, in each city for an overall potential score of 80. These factors included:

Walkability

Walkability was determined by reviewing statistics from Walk Score, which were given on a scale of zero to 100. The higher the Walk Score, the higher a city’s walkability score.

Cost of Living

Using Area Vibes, SoFi reviewed the cost of living score — an index score compared to the national average. The lower the cost of living score in a city, the better the score we assigned.

Average Cost of Office Space

Using LoopNet, SoFi assessed all 50 cities using the following filters:

•   Type of space needed: office, retail, or restaurant

•   Number of employees: 10 (which equaled 1250 to 4000 sq. ft. of space)

SoFi averaged the price per square foot per year for the newest 10 results in each city. The higher the average cost, the lower the score.

Median Household Income

Using Data USA, SoFi assessed the median household income for each city. The higher the median income, the higher the score.

Unemployment Rates

Using Area Vibes, SoFi assessed the unemployment rate for each city. The lower the unemployment rate, the better the score.

Annual Business Applications

Using Census Burea data SoFi calculated the percentage of people who applied for a small business loan in the county where each city is located. The higher the percentage of new business applications, the higher the score.

Percentage of Self-Employed People

Using Census Burea data, SoFi calculated the percentage of people in each city who had self-employment income. The higher the percentage, the higher the score.

Working-Age Population

Using Census Burea data, SoFi calculated the percentage of people in each city who were between the ages of 15 and 64. The higher the percentage, the higher the score.

SoFi’s marketplace is owned and operated by SoFi Lending Corp. See SoFi Lending Corp. licensing information below. Advertising Disclosures: SoFi receives compensation in the event you obtain a loan through SoFi’s marketplace. This affects whether a product or service is featured on this site and could affect the order of presentation. SoFi does not include all products and services in the market. All rates, terms, and conditions vary by provider.


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.

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.

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Source: sofi.com